{
  "id": 13632271,
  "title": "Von wegen Exodus: Die Banken hassen Zürich, aber investieren trotzdem massiv",
  "url": "https://urgent.news/2026/10/11/von-wegen-exodus-die-banken-hassen-zurich-aber-investieren-trotzdem",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-11T03:30:00.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/von-wegen-exodus-die-banken-hassen-zuerich-aber-investieren-trotzdem-massiv-ld.10027173"
  },
  "original_language": "de",
  "account": "Despite widespread criticism of Zurich's high taxes, restrictive building regulations, and leftist attitudes in the city council, two major banks, Vontobel and Cembra, have announced plans to relocate from Zurich to Baar and Baden. The relocation of these two banks and nearly 1900 jobs was a shock to critics of Zurich's policies. The banks were previously expected to be the first signs of an exodus from Zurich's liberal tax regime. However, the reality does not support this narrative. Surveys of nearby cantons' location incentives show no indication of other Zurich banks seeking to move. The president of the Zurich Bankers' Association, Christian Bretscher, believes that while high taxes are a pain point for banks, they are not the decisive factor. The issue is more about banks' inability to expand further if they reach their \"pain threshold.\" Despite the criticism, Zurich's banks are investing heavily in the city's growth. UBS, the largest employer in the financial district with around 24,000 employees, is planning a total renovation of several buildings at Paradeplatz, including a new campus for 4,000 employees, luxury restaurants, and boutique stores. The construction is set to begin in 2027. Julius Bär, the second-largest Zurich-based private bank, plans to expand its largest existing site at Altstetten, constructing a high-rise and four additional buildings. The bank plans to double its workforce from the current 3,000 employees to 6,000 by 2040. The masterplan for the site development was approved by the city in June, but it will face scrutiny from the left-leaning city council next year. Bretscher warns that if the council does not approve the project, the next bank may face similar challenges. Many smaller banks, such as Maerki Baumann and LGT, are also expanding their operations in Zurich. Maerki Baumann is completely renovating its headquarters on Dreikönigsstrasse, while LGT moved its 729 employees to new office space last year. Both companies appreciate Zurich's favorable conditions for business. Fintechs, such as Revolut and Yuh, are also attracted to Zurich's strategic location in eastern Switzerland, which provides proximity to the city's financial and tech hubs.",
  "summary": "Vontobel und Cembra lösen keine Flucht von Banken aus der Stadt Zürich aus. Im Gegenteil, sie investieren Hunderte Millionen in den Standort, obwohl sie mit den Rahmenbedingungen hadern.",
  "key_points": [
    "Two major banks, Vontobel and Cembra, plan to relocate from Zurich to Baar and Baden.",
    "Julius Bär aims to double its workforce from 3,000 to 6,000 employees by 2040."
  ],
  "editors_take": "Zurich's banks are investing heavily in the city's growth, contradicting the narrative of an exodus, as even critics of the city's policies acknowledge its favorable conditions for business.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}