The pharmaceutical industry and insurance companies have overtaken banking as the best paid sectors in Switzerland, according to the NZZ am Sonntag.
In 2016, bank executives took home an average gross salary of CHF220,000 ($220,394) per year, which is CHF 40,000 less than ten years ago.
The pharmaceutical sector, in contrast, is paying CHF280,000.
The German-language newspaper examined the (unpublished) figures of the 2016 wage structure survey.
The same picture emerges at the top level of management.
When it comes to senior bank managers, the average salary shrank from CHF660,000 to CHF530,000.
That’s about a fifth lower than what pharmaceutical and insurance company executives get.
Hans-Peter Portmann, vice-president of the Zurich Bankers Association (ZBV), explains that above all the variable remuneration and bonuses of banks have fallen significantly.
"At the middle management levels, the state sometimes even pays higher wages than the banking sector", he said.