Swiss watchdog investigates banks over sharing pay details

The COMCO investigation centres on 34 banks in six regions of German-speaking Switzerland and can be extended to other geographical regions and companies. © Keystone / Gaetan Bally

The Swiss Competition Commission (COMCO) has opened an investigation into whether dozens of banks were sharing information about what they pay some staff.

“A large number of banks in the German-speaking part of Switzerland regularly exchange information about the salaries of certain categories of employees. As this behaviour could be problematic under the Cartel Act, a preliminary investigation has been initiated,” COMCO said in a statementExternal link on Monday.

The investigation centres on 34 banks in six regions of German-speaking Switzerland and can be extended to other regions and companies if necessary, it added.

“The purpose of the procedure is to examine whether there are indications that the exchange of information on the salaries of certain categories of employees amounts to illegal agreements within the meaning of antitrust law,” COMCO said.

The labour market is becoming increasingly important for competition authorities worldwide, the watchdog added.

In Switzerland, the COMCO Secretariat is for the first time analysing possible labour market agreements that may fall within the scope of the Cartel Act as they are not the result of negotiations between social partners.