Over 2,000 more employees will lose their jobs, as yet another Swiss company announces a wave of redundancies.
The Swiss logistics group Kühne+Nagel is eliminating significantly more jobs than planned, the Schwyz-based company said.
It will scrap over 2,000 positions this year, up from 1,000 to 1,500 originally planned.
The reason for the cuts is financial, intended to generate savings of 150 million francs, which exceeds the previous target of 110 million francs.
The company is owned primarily by a German national, Klaus-Michael Kühne.
With a fortune estimated at 41 billion francs, he is Switzerland’s wealthiest foreign resident.
One of many
Kühne+Nagel is the latest in a long lineup of companies in Switzerland that are planning to cut hundreds or even thousands of jobs – or have already done so.
Among them are Helvetia Baloise insurance group, which will eliminate between 1,400 and 1,800 jobs in Switzerland over the next three years.
Some 3,000 UBS employees will also lose their jobs in Switzerland, as part of the bank’s plan to fire 10,000 of its global workforce.
The pharmaceutical giant Novartis plans to cut 550 jobs in Switzerland by the end of 2027, and public broadcaster SRG will eliminate some 900 jobs over the next three years as it strives to reduce costs.
The complete (and constantly updated) list of job losses in Switzerland can be found here:
READ MORE: All the job cuts announced in Switzerland for 2026
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Tip of the iceberg
Jobs are being cut not only in the private sector, however.
Due to funding cuts by the United States, thousands of employees of Geneva-based United Nations organisations have been let go as well, with more expected to be fired in 2026.
READ MORE: How many jobs have been lost in Geneva’s international agencies?
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Given all these losses, what is the forecast for Switzerland’s job market?
It is not too bad, economists say.
For instance, according to KOF Economic Institute, “despite the rise in unemployment [in 2025], key indicators continue to point to a solid labour market”.
That is because “labour shortage remains relatively high in almost all sectors and the same applies to the number of job vacancies”.
Experts at Economiesuisse, the umbrella organisation for the Swiss business sector, also say that job cuts should not have too great an impact on the Swiss labour market.
Despite redundancies in many companies, numerous new jobs will also be created, they say.
The unemployment rate is therefore likely to rise only slightly this year to an average of 3 percent from 2.8 percent in 2025.
READ MORE: What’s the outlook for Switzerland’s job market in 2026?
