The FINANCIAL — Credit Suisse on December 14 announced that it will create a further 150 apprenticeships in Switzerland. In addition, the bank will invest CHF 30 million in training programs run by non-profit organizations that help young people to find an apprenticeship and enter the job market.
In conjunction with the Swiss Venture Club, Credit Suisse will also provide SMEs and young entrepreneurs with risk capital totaling up to CHF 100 million; primarily to promote the creation of jobs in Switzerland. With these long-term initiatives, Credit Suisse aims to further expand its market position in Switzerland, while assuming its corporate responsibility as one of the country’s largest employers and providers of training and also helping to strengthen Switzerland’s position as a center of knowledge and industry. Credit Suisse is today also publishing the results of its annual Worry Barometer survey, which reveal that unemployment is the issue of greatest concern to the Swiss public, followed by healthcare and retirement provision.
Despite recent signs of a slight recovery, the economic climate in Switzerland and conditions in the Swiss job market remain tense. The results of this year’s Worry Barometer survey by Credit Suisse confirm that the Swiss population regards unemployment – particularly among young people – as by far the greatest problem at present. Against this backdrop and in view of its strong position, Credit Suisse has decided to build on its long-term commitment to combating youth unemployment and to supporting SMEs and young entrepreneurs and to thus further enhance its market position in its Swiss home market.
150 new apprenticeships and promotion of career opportunities for school leavers
Credit Suisse already provides more than 1,200 apprenticeships and training positions for young people embarking on a career, making it one of the largest providers of training in Switzerland. At present, Credit Suisse offers around 600 apprenticeships across Switzerland. As a result of the initiative announced today, it will increase the number of new apprenticeships available within the bank in Switzerland by 25% to a total of 750 positions over the next 36 months. The 150 new apprenticeships will be made available across all the linguistic regions of Switzerland. In previous years, Credit Suisse systematically offered further employment to young people who successfully completed apprenticeships within the bank and obtained the relevant qualifications; it will continue to pursue this approach in the case of these new apprentices.
As well as creating new apprenticeships within the company, Credit Suisse considers it important to provide opportunities for school leavers who find it difficult to embark on a career. Over the next few years, the bank will therefore invest an additional CHF 30 million in training programs that will help young people in Switzerland to find an apprenticeship and enter the job market. Credit Suisse intends to establish long-term partnerships with a small number of reputable non profit organizations in Switzerland that specialize in this field in order to identify and support suitable projects.
Risk capital for SMEs and young entrepreneurs
In conjunction with the Swiss Venture Club, Credit Suisse will provide risk capital totaling up to CHF 100 million to support the Swiss economy and SMEs and young entrepreneurs in particular. These funds will be used to make targeted investments in projects and initiatives run by SMEs and young entrepreneurs that will help to promote the creation of jobs in Switzerland in the short to medium term, among other measures. The Swiss Venture Club and Credit Suisse are currently defining the exact nature of the requisite financing vehicle as well as the legal aspects of its implementation. Their aim is that it should be possible for the first project and financing applications to be submitted to the Swiss Venture Club in spring 2010.
Through this commitment, Credit Suisse is intensifying its existing partnership with the Swiss Venture Club, which began in 2003. The independent non-profit organization, which is active in all of Switzerland’s economic and linguistic regions, focuses on providing targeted support for SMEs, which form the backbone of the Swiss economy. As an exclusive strategic partner, Credit Suisse lends its support to events such as the annual Swiss Venture Club Awards for Entrepreneurs and it offers the organization its expertise in areas such as training and development.
A long-term commitment
The program of training and support unveiled today will extend over a period of several years and forms part of Credit Suisse’s existing long-term commitment to promoting Switzerland as a center of knowledge and industry. At the same time, Credit Suisse is thus making a targeted investment in the growth of its Swiss business with the aim of further consolidating its strong position in this market. Switzerland is of key importance to Credit Suisse both as its home market and as the country in which it is headquartered. Moreover, with around 21,000 employees, over 2 million private clients and more than 100,000 corporate clients in Switzerland – and as one of the country’s largest purchasers of goods and services – Credit Suisse forms one of the pillars of the Swiss economy. For example, the bank is investing CHF 65 million in the expansion of its branch network in Switzerland this year alone; over CHF 270 million are going to be invested overall in the extension of the Credit Suisse ‘Uetlihof’ administrative center, which – once completed – will be the most environmentally friendly office complex of this scale in Switzerland.
Results of the Worry Barometer survey for 2009
Credit Suisse once again conducted its traditional Worry Barometer survey of the Swiss public in 2009. This representative poll of over 1,000 voters throughout the country was performed by the GfS research institute in Berne between August 24 and September 12, 2009 – a period in which there were initial signs that the economy was slowly beginning to stabilize.
Unemployment by far the main concern
As in previous years, unemployment, retirement provision and healthcare top the Worry Barometer. However, (youth) unemployment – which is the main area of concern – has surged well ahead of the other issues. This worry has not only increased markedly (+13 percentage points compared with 2008) but, at 66%, is mentioned almost twice as frequently as the two other main worries (36% each). Voters believe that unemployment – particularly among young people – will remain by far the greatest problem in Switzerland in the future.
Different levels of concern regarding economic development
As expected, worries about the economy have increased versus the previous year. However, it is interesting to note the very different perceptions of this topic. Fears about the general economic trend increased by 10 percentage points to 27%. A total of 29% of voters mentioned the financial crisis, which was included in the Worry Barometer for the first time. Compared with 2008, there was a sharp decline in fears about inflation (14%; -18 percentage points), and only a few of those surveyed expressed worries about banking confidentiality/the tax dispute (8%).
People are more skeptical about the general economic situation. Whereas 50% believe that it has remained unchanged over the past 12 months, 44% perceived a deterioration in the economic situation. Although a majority (55%) expects to see stagnation over the next 12 months, more people than in the previous year expect to see an upswing (16%; 2008: 10%). The actual impact on the personal financial situation of those surveyed has remained surprisingly low, however. Most of the voters stated that they were doing well, 11% even rated their financial situation as ‘very good’.
Social and health policy-related problems are still an issue
Owing to the economic crisis, social and health policy-related problems have faded somewhat into the background. Healthcare issues and AHV (social security) are named as the most serious problems after unemployment, as in previous years, but were mentioned less frequently by those surveyed. However, the fact that these problem areas are considered to be hot topics in the longer term is reflected by the question about people's main concerns in the next ten years. Here, social security (35%), new poverty (33%), and healthcare issues (32%) rank second to fourth after unemployment (58%).
High level of confidence in politicians and business; media in the lead for the first time
The level of voter confidence in politicians and business has increased compared with the previous year. Only 34% (2008: 40%) have the feeling that business ‘often’ lets them down in crucial matters, compared with 38% for politicians (2008: 43%).
Confidence in the country's key institutions is also much higher overall. For the first time in the history of the Worry Barometer, certain media rate the highest. Television and radio (72% and 70%, respectively) have replaced the traditional leaders – the Federal Court and the police (66% each) – at the top. A contributing factor here may be that confidence in the media has been surveyed in a more detailed way in the Worry Barometer since 2008 (previously grouped under the rather negative term ‘mass media’). Significant advances were also achieved by the internet (52%; 2008: 34%) and print media.
Positive evaluation of business organizations and political institutions
Business organizations also received a positive rating. The level of confidence in both employee organizations (60%) and employer organizations (59%) has increased significantly. The banks lost a little ground with a decline in confidence of 6 percentage points in 2009 versus the previous year. However, with a continued high score of 52%, they achieved the exact average of the past ten years.
Confidence in political institutions has been growing steadily since 2003. The National Council, in particular, advanced by 16 percentage points compared with 2008 and, at 64%, enjoys the highest level of confidence of all political institutions for the first time ever. Confidence in the Council of States (53%; 2008: 49%) and the Federal Council (56%; 2008: 53%) remains strong. A considerable level of skepticism is again clearly shown toward the political parties (32%).
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