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.
Is reforming the Swiss pension system still possible, and if so, how?
Solutions still need to be found to meet the challenge of an ageing population and to improve the pensions of low-paid workers, the majority of whom are women.
Swiss court rejects special assistance for student with disabilities
This content was published on
The Swiss Federal Court has rejected an application for special assistance from a student with disabilities at the federal technology institute ETH Zurich. Such assistance would inadmissibly lower the requirements for studying, it ruled.
Police arrest 15 drug dealers in Verbier in southern Switzerland
This content was published on
Swiss and French police have arrested 15 suspected drug dealers operating in the mountain resort of Verbier in southern Switzerland.
New European space tech centre in Switzerland launches its first project
This content was published on
The European Space Deep-Tech Innovation Centre (ESDI), launched in collaboration with the Paul Scherrer Institute (PSI), is to be located in the immediate vicinity of the PSI in northern Switzerland.
Swiss Federal Railways launches campaign for safety on public transport
This content was published on
The Swiss Federal Railways is launching a campaign for greater respect and safety on public transport, with posters to go up in stations and on trains starting next week.
Swiss scientists to use AI for improved weather and climate forecasts
This content was published on
MeteoSwiss and the Swiss Data Science Center have signed a four-year agreement to make greater use of AI in meteorology and climatology going forward.
This content was published on
Prices of owner-occupied homes rose in the third quarter of 2024 by 0.5%, with inflation affecting both apartments and single-family houses, says the Federal Statistical Office.
This content was published on
The honey harvest is projected to be lower than usual this year, as Swiss beekeepers report harvesting an average of just 16kg of honey per bee colony.
More young refugees in Switzerland following vocational training
This content was published on
More than half of young refugees and temporarily admitted persons between the ages of 16 and 25 are now in training. This is significantly more than five years ago.
One in five Swiss children suffers psychological abuse at home
This content was published on
In Switzerland, one in five children suffers psychological violence, and one in three has witnessed psychological violence between parents, says the association Kinderschutz Schweiz.
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.