Swiss watchdog probes banks for sharing pay details

THE Swiss Competition Commission (Comco) has opened a preliminary investigation into whether dozens of banks improperly shared information about their staffs’ pay.

“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,” it said on Monday (Dec 5).

The probe centred on 34 banks in six regions of German-speaking Switzerland. It could be extended to other geographical regions and companies, it added.

The labour market is becoming increasingly important for competition authorities worldwide.

For the first time, the Comco secretariat is analysing labour market agreements that may fall within the scope of the Cartel Act. It said that these agreements may be governed under the antitrust law as they are “not the result of negotiations between social partners”. REUTERS