In 2018, there were 13 US multinationals in Geneva employing just over 6,700 staff.
Keystone/ Valentin Flauraud
There was a sharp drop in the number of staff working for large US firms in canton Geneva between 2008-2018, according to the Swiss-American Chamber of Commerce (Amcham), and the canton is struggling to attract new US businesses.
This content was published on
2 minutes
Keystone-SDA/sb
According to Amcham’s annual reports, 16 American companies, mostly large industrial multinationals based in the canton, reduced the size of their total workforce between 2008 and 2018 by 10.4%. In 2018, there were 13 US multinationals employing just over 6,700 staff.
The downsizing and decline in attractiveness have been caused by “new uncertainties linked to Swiss political life” as well as international competition, explained Amcham Director General Martin Naville in an interview External linkwith the Tribune de Genève newspaper on Tuesday.
Last year, consumer goods multinational Procter and Gamble (P&G) employed 1,800 people in Geneva, 1,000 fewer than ten years earlier. Meanwhile, chemical manufacturer DuPont employed only 450 people, compared with 750 in 2008.
Other big US firms which have been based in Geneva for a number of years include J P Morgan bank (1,000 staff), Cargill (400), Caterpillar (400), Ralph Lauren (350), Manpower (300) and Bunge (250).
Investor concerns
Naville said many American companies are now reluctant to set up in Switzerland, and Geneva in particular.
He said two ongoing initiatives in Switzerland calling for “responsible business” and “moderate immigration” were particular sources of concern for investors.
He added that Geneva faced stiff competition from business sites in the Netherlands and Ireland. Recently, Uber, Tesla and Netflix have chosen a European base in the Netherlands, while Airbnb, LinkedIn and Twitter located to Ireland.
In recent years, no new American company of any size has established itself in Switzerland, said Naville.
But there are still several success stories. The US pharmaceutical firm Covance now employs 720 staff in Geneva. Meanwhile, the luxury sector seems to be holding up well and has strengthened its presence. Cosmetics specialist Coty had 600 staff last year, compared to 167 ten years ago, and Elizabeth Arden now employs 150 in the canton.
More
More
Switzerland losing attractiveness for multinationals
This content was published on
Once the ideal destination for multinationals to set up shop, Switzerland is being outpaced by other European hubs like the Netherlands.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Zurich laboratory finds intestinal bacteria in coffee machines
This content was published on
Last year, the Zurich Cantonal Laboratory found defects in one in four samples of milk drinks from coffee machines. Too many intestinal bacteria were found in a number of samples.
SWISS Belgrade-Zurich flight forced to land in Germany
This content was published on
Swiss flight LX1413 from Belgrade to Zurich had to make an unscheduled landing today in Friedrichshafen, southern Germany.
New Swiss 3D simulation tool offers better landslide forecasting
This content was published on
A new 3D simulation tool is enabling much more accurate avalanche forecasts. The model, which proved its worth during the landslides in Brienz (GR) and Blatten (VS), could lead to more effective management of alpine risks.
Alleged leader of Kosovar terrorist group indicted in Switzerland
This content was published on
The Office of the Attorney General of Switzerland has brought charges against a Kosovar on suspicion of being the leader of the Swiss branch of a Kosovar terrorist organisation. He is also suspected of having been active in the management of the organisation in Kosovo.
Swiss glacier lake drains without causing flooding damage
This content was published on
The Faverges glacial lake on the Plaine Morte above Lenk in the Bernese Oberland drained over the weekend. There was no flooding or damage, the authorities announced on Monday.
Chihuahua leads Swiss rescue team to owner stuck in a crevasse
This content was published on
A Chihuahua helped to rescue a man on the Fee Glacier above Saas-Fee VS on Friday. It alerted a rescue team to its owner who had fallen into a crevasse.
Swiss bosses distance themselves from the United States
This content was published on
According to a survey of managers, Swiss companies are increasingly turning away from the USA and orientating themselves more towards Southeast Asia and the EU. This is the result of a recent survey.
This content was published on
The Fête de l'Epouvantail (scarecrow festival) is celebrating its 30th anniversary and returns to Denens in canton Vaud for its seventh edition from July 10-20.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland’s love affair with multinationals
This content was published on
Switzerland is home to some of the largest global companies. But what value do they bring to the Swiss economy and society?
NGOs point the finger at multinationals for foreign abuses
This content was published on
The report shows the rights and environmental abuses committed by Swiss companies abroad over the past five years - on average one per month.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.