Financial services provider SIX CEO: Switzerland is also affected by job cuts
The stock exchange operator SIX has launched a three-year growth and savings program. Up to 150 jobs will be cut across the Group this year - including in Switzerland, as SIX CEO Bjørn Sibbern said in an interview with the news agency AWP.
12.03.2025, 16:27
SDA
"The reduction affects all business areas and functions. We want to achieve part of this through natural fluctuation and early retirements," said Sibbern. He could not say today how many Swiss employees would be affected. He also left unanswered the question of whether there will be further job cuts in 2026 and 2027.
"The savings will not only affect staff, but also external service providers, for example," the SIX CEO continued. "The revision of our service portfolio will also result in savings."
One fifth will work in Spain
SIX is aiming for revenue growth in the mid-single-digit percentage range by the end of 2027. The EBITDA operating profit margin is set to improve from 28% in 2024 to over 40%. In addition, SIX aims to reduce its cost base by more than CHF 120 million over the next three years. Operating expenses amounted to CHF 1.14 billion last year (+4.1%).
At the end of 2024, around 4,430 people worked for SIX, according to the annual report published on Wednesday. Around 2,310 of these are in Switzerland (52%) and around 1,020 in Spain (23%); the rest are based in Poland, India, France and the UK, among other places.
In the home market of Switzerland, the number fell by 1.4% last year, while in Spain it increased by 9.6%. Across the Group, 6.5% more people worked for SIX than at the end of 2023. The Swiss company acquired the Spanish stock exchange BME for around EUR 2.6 billion in summer 2020.
Price adjustments and acquisitions
Part of the plan presented this morning also involves adjusting the prices for the services that SIX offers its customers, the banks - which are also the owners. "We want to concentrate money and resources more where we see growth opportunities," said Sibbern. "The basis for this is a review of our product portfolio, including our pricing policy."
In addition to organic growth, the Group also wants to continue to grow inorganically: "We hope to make one or two acquisitions in the next two to three years," said the SIX CEO. A good example is the acquisition of Aquis Exchange, which is expected to be completed in the second quarter.
Founded in 2012 and headquartered in London with an EU site in Paris, Aquis has four business divisions: Among other things, the company operates an MTF for equities in 16 European markets. MTF trading systems are less strictly regulated than stock exchanges.
An acquisition is also conceivable in the data or post-trading area, said Sibbern.
Worldline investment remains strategic
Meanwhile, SIX remains committed to its stake in the French payment transaction provider Worldline. "Worldline is a strategic investment and we have a partnership with Worldline that works," said Sibbern when asked whether the stock exchange group intends to hold on to its 10.5 percent stake.
The French company's share price has plummeted in recent years. In 2024, SIX therefore had to make a value adjustment of CHF 168 million on its stake, compared to around CHF 860 million in 2023.
