Liechtenstein-based VP bank published a job ad in several Swiss newspapers to fill more than 20 IT positions. The search for talent is part of the bank’s “Strategy 2026” to digitally transform the institution.

VP Bank, one of Liechtenstein’s biggest banks, is looking for IT specialists. According to a job ad in several Swiss newspapers, the bank is looking for more than 20 IT experts to fill various roles.

The search for talent includes:

  • a project manager for digital banking,
  • a head of IT finance applications,
  • specialists for data analysis and regulatory affairs,
  • IT employees for compliance,
  • developers for Avaloq,
  • other software engineers and several more.

In total, more than twenty IT specialists and managers are being sought. This is out of a current IT headcount of around eighty people, as a VP spokesperson confirmed.

Internal development vs. outsourcing

Werner Raschle, CEO and owner of Consult & Pepper, the recruiting firm overseeing VP’s hiring initiative, says the size of the search mandate is not entirely unusual for a company the size of VP Bank. “I haven’t seen demand for computer scientists and engineers as high as it is today in the last decade,” he says.

However, the sudden search for IT talent also suggests a strategic shift within the bank. Since CEO Paul Arni and the board of directors had internally announced a new IT strategy called “Strategy 2026” last fall, there was talk about the practical implication of that strategy. In particular, the question was whether the bank would build up internal digital expertise or broadly rely on outsourcing.

The recent job ads suggest the bank will do at least part of its IT initiatives in-house. Certainly a sign of relief for many of the bank’s internal staff, who had speculated about their job security.

Strategy 2026

A VP spokesman allegedly told the blog Inside Paradeplatz: “VP Bank’s IT strategy is the central foundation of our group-wide ‘Strategy 2026′ […] The digital transformation toward becoming an Open Wealth Service Provider requires a high level of technical expertise.”

“VP Bank is therefore making targeted investments in its IT services and capabilities, relying both on strategic collaborations with external, specialized technology companies and on internal IT expertise. In doing so, we are building on our existing excellent human resources, but at the same time investing in new team competencies around new technologies.”

“The open positions in our IT Hiring Initiative reflect these efforts. They show that we are progressing according to plan with our IT strategy and thereby simultaneously creating the basis for new strategic projects.”

VP Bank is under pressure to speed up its digital transformation – like pretty much every other bank. In the COVID year 2020, the bank has seen a sharp decline in profits, from 74 to 42 million francs. The reason, according to the bank, was a one-time loan loss.

Now it’s on Arni and Raschle to build a strong IT team that can live up to the challenge. Both were previously members of the Credit Suisse Switzerland management team from 2008 to 2012. It won’t be an easy job to find the right expertise, as IT talent is currently sought after everywhere.

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