Business · Companies · 17 hrs ago
Zürich banks invest despite Vontobel and Cembra moves
Vontobel and Cembra are leaving the city of Zürich for Baar and Baden, taking nearly 1,900 jobs with them.
Their moves raised concerns that high taxes and building restrictions could drive other banks away.
But local economic agencies report no sign of a wider departure by Zürich banks.
The banks’ representative says taxes matter, but space to expand can be a more pressing concern for large institutions.
UBS plans a new campus at Paradeplatz from 2027 and is also moving its Bank Now unit from Horgen to Zürich’s Altstetten district.
Julius Bär plans to expand its Altstetten site, with its workforce there expected to grow from about 3,000 to 6,000.
These projects suggest that, despite criticism of the city’s conditions, major banks are continuing to invest in Zürich.
Vontobel and Cembra are moving from the city of Zürich to Baar and Baden, taking nearly 1,900 jobs with them.
The moves have prompted claims that taxes, building rules and city politics are driving banks away.
The Zürich Bankers Association says the departures are not an alarm signal and that banks continue to invest in the city.
UBS plans a campus at Paradeplatz for 4,000 employees from 2027.
Julius Bär plans to expand its Altstetten site and increase its workforce there from about 3,000 to 6,000.
- Who
- Vontobel and Cembra are moving out of Zürich. UBS and Julius Bär are among the banks planning major investments in the city.
- What
- Two banks are relocating, while other banks plan significant construction and expansion projects in Zürich.
- When
- The UBS campus is planned to begin in 2027. Bank Now is due to move on 1 December; the year is not stated.
- Where
- Vontobel is moving to Baar and Cembra to Baden. UBS and Julius Bär have projects in Zürich, including at Paradeplatz and Altstetten.
- Why
- Critics cite high taxes, restrictive building rules and city politics. The Zürich Bankers Association says taxes matter but are not decisive, while space to expand can be a constraint.
Critics of Zürich
Zürich Bankers Association president Christian Bretscher
Taxes and business conditions
Critics of Zürich
Critics say high taxes, restrictive building rules and city politics drove banks away.
Zürich Bankers Association president Christian Bretscher
Bretscher says taxes matter but are not decisive, and banks can live with high taxes.
Meaning of the departures
Critics of Zürich
Critics portray Vontobel and Cembra as signs of a wider exodus.
Zürich Bankers Association president Christian Bretscher
Bretscher says the departures are not an alarm signal and believes they were probably coincidental.
The pain threshold of banks is high.
On the contrary, the banks continue to invest massively in their growth.
For Baden, Cembra was a real coup.
UBS is due to move its subsidiary Bank Now from Horgen to Altstetten in the city of Zürich.
UBS plans to begin building a campus at Paradeplatz for 4,000 employees.
- Departing banks
- Vontobel and Cembra
- Jobs moving out
- Nearly 1,900
- UBS campus
- Planned for 4,000 employees at Paradeplatz from 2027
- Julius Bär workforce plan
- Increase from about 3,000 to 6,000 employees at its Altstetten site
- Zürich total tax rate
- Almost 20 percent
Sources
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