What are the 5 mistakes bankers looking for jobs make – and how can they be avoided?

Dr. Patricia Widmer
Apr 14
4 min read

Updated: May 28

Zurich's financial center is undergoing its biggest transformation in decades. With the collapse of Credit Suisse and its ongoing integration into UBS, over 1,400 bank employees are registered with the regional employment office (RAV) in the canton of Zurich alone – the highest number in years. At the same time, the number of job openings at the largest Swiss banks has almost halved within a year.

For executives in the financial sector, this means: The market is tight, competition is fierce, and the margin for error is small. Those who make the wrong moves now will lose valuable time and momentum.

We show the five most common mistakes job-seeking bankers make – and what they should do instead.

Tip 1: Start taking action early – even if the perfect job is not yet in sight.

Many experienced banking professionals – especially well-paid specialists and managers – tend to take their time when looking for a new job. They claim unemployment benefits, wait for the ideal offer, and underestimate how quickly their market relevance diminishes.

Instead, the following applies: Anyone who is not actively present on the job market for more than three to six months loses visibility – in the minds of headhunters, former colleagues, and potential employers. The first step doesn't have to be the final one. Sometimes an interim position or a temporary assignment leads to the desired job faster than waiting for months.

Tip 2: Network before job portal – the hidden market is crucial

In a tight market like Zurich's financial sector, many management and specialist positions are never publicly advertised. Those who limit their search to job portals only see a fraction of the actual opportunities.

Instead, the key is this: networking isn't an option – it's a strategy. Former colleagues, superiors, client relationships, industry events, and targeted LinkedIn activity are crucial. Specifically: have at least three active conversations per week with people in your professional network – not to ask for a job, but to gain insights, opinions, and contacts. These conversations open doors.

Tip 3: Consciously broaden your horizons – banking skills are in high demand.

Many bankers seeking employment almost reflexively look only at other banks. This is understandable – but strategically short-sighted, especially when the entire sector is downsizing simultaneously.

What is true, however, is that the skills of experienced banking professionals are widely transferable: risk management, regulatory compliance, financial analysis, top-level client advisory services, and leadership experience in complex organizations. Fintech companies, insurance companies, management consultancies, family offices, international corporations, and even the public sector are looking for precisely these profiles. Studies show that more than half of the executives in large Swiss companies previously worked in the financial sector. The market is larger than it appears – one simply needs to be willing to expand it.

Tip 4: Rethink your positioning – not who you were, but what you offer.

Many executives in the financial sector present themselves during the application process with their old title, their old employer, and their old job description – expecting the applicant to recognize the added value on their own. This rarely works.

Instead, what matters is this: In a competitive market, it's not who you were that counts – it's who you are and what you can contribute to an organization. This requires a clear, future-oriented positioning: What are my three key strengths? What problem do I solve for my next company? How can I communicate this convincingly in two minutes? These questions sound simple, but they aren't. Anyone who goes into these conversations unprepared will quickly lose the interest of experienced colleagues.

Tip 5: Take the emotional side seriously – and seek professional support

Many bankers suddenly facing redundancy underestimate the psychological impact of this upheaval. Bankers often define themselves strongly by their role and status. Being laid off is experienced as a personal failure – even if it's part of a global restructuring. Some even keep the situation secret from their closest circle. Those who can't process this emotional baggage come across in job interviews with the wrong energy: defensive, insecure, or overcompensating.

Instead, what's true is this: A career transition is not a step backwards – it's a turning point. Those who seek professional support not only work on their strategy but also on their inner attitude. This makes a measurable difference – in the quality of the conversations, in the perseverance shown in the job search, and ultimately in the outcome.

Conclusion

The Zurich banking market is undergoing a transformation – and this transformation is not temporary. For financial sector executives who need to reposition themselves, speed, networking, openness, and a clear positioning are more important than a resume alone.

At Beyond Success, we support executives from the financial industry through precisely these transition phases – with structured sparring, targeted positioning work and a deep understanding of the dynamics of the Swiss financial center.

Learn more or schedule an initial consultation → beyondsuccess.ch