My bank has a policy of exclusive use of its own investment platform, for all staff disregarding if they work in sensitive area or not. At the same time, they allow for exceptions for people who already come with portfolio with a broker registered in their country of citizenship (that is not CH). But they do not allow employees with foreign citizenship to open such accounts during their employment.
To me that looks like discriminative practice. If foreign citizens can keep and actively trade their portfolios with other brokers, for the purpose of surveillance or control it does not matter whether they opened it prior or during their employment with the bank. One can even go further and ask, why foreigners can have their portfolios with foreign brokers, but local employees cannot?
For sure banks have a right to shape their policies, but I have serious doubts if that one is legal and can hold in the court of law.
Maybe your bank platform cannot offer the same service (special instruments or small caps outside of Switzerland?) of this foreign broker.
Unfortunately, there is not much you can do with it. Is there any union you can contact or someone in the compliance department you could go and ask why they cannot change it ?
As it seems to be a enforcement in your industry, your only viable option maybe to change job and industry.
What’s even the point of going to court since you will likely be terminated? Legal or not, you can suck it up, take the door (or raise it to HR, but I mean joke on you). That’s just the reality of it.
Assuming they were transparent, which the fine prints always are, you cannot blame them for accepting something you knew beforehand. Also, this is not discrimination (circumstances are not the same), and there’s no actual violation of any right or damage to repair.
As others said, higher fees should be compensated by higher pay working for a bank.
You are not required to use the company’s bank account, you are only required to receive your salary on it.
I personally keep 0 CHF balance on my company’s bank account. As soon as I receive my salary on it, I transfer it out to another bank. I’m not interested in using any financial products from the company I work for.
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