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Zurich fears impact of rumoured UBS move
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Zurich fears impact of rumoured UBS move
The departure of UBS bank from Switzerland would have a noticeable impact on the perception and stability of Zurich as a financial centre.
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There is a lot at stake for the city and canton of Zurich, according to the cantonal government.
“A possible relocation of the UBS headquarters from the Zurich region would potentially cause economic damage to the canton of Zurich, the city of Zurich and other affected municipalities”, Zurich cantonal government said in response to a question in the cantonal council.
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According to the cantonal government, it is not possible to precisely quantify the potential damage. However, the figures quoted from the Zurich Financial Centre 2025/26 study provide some indications.
In 2024, all banks in the canton of Zurich generated gross value added of CHF13 billion. This corresponds to around 8% of the canton’s economic output.
The government does not provide any information on the taxes that UBS pays in the canton of Zurich. However, some of the approximately 18,000 UBS employees who live in the canton of Zurich and also pay taxes would of course also be affected by a move away.
According to the government council’s response, further negative effects would result from indirect consequences. For example, it would make it more difficult for SMEs to access certain financial services. The granting of loans and mortgages could also be affected.
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UBS allegedly considering moving headquarters to the US
Adapted from German by DeepL/mga
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