Portrait of the Zurich Financial Center
The influence and renown of the Zurich Financial Center extend well beyond Switzerland's borders. Zurich Financial Center is far more than a banking hub. It has developed into a center for insurance companies, asset managers, and providers of alternative investment products. Thanks to the international orientation of the Swiss financial sector, assets and risks can be globally diversified and professionally managed.
Zurich – a Professional Financial Location
A lengthy tradition of global asset management and favorable location factors are hallmarks of Switzerland and especially Zurich, which has an extensive network of financial service providers. Other advantages include stability and legal certainty, the high quality of services (including financial services), the excellent standard of the infrastructure, the framework of legal conditions, the stability of the Swiss franc as well as efficient and consistent supervision by the Federal Financial Market Supervisory Authority (FINMA). And not least, the commitment of excellently qualified and multilingual employees plays a major part in the superb quality of the financial services.
Zurich also offers internationally compared moderate corporate taxation and moderate taxes for individuals, and it ranks among the cities with the highest quality of life. The players and organizations in the financial center are excellently equipped to cope with future challenges from international competitors, be they of a fiscal, regulatory, or institutional nature.
Importance of the Financial Sector
Switzerland's small open economy includes a financial sector of above-average size which accounts for a remarkable 11% of aggregate value added. The financial sector employs 220,000 people throughout Switzerland, corresponding to 6% of the country's jobs.
Zurich: A Magnet for Finance Companies and Specialists
One third of all banks and insurance companies in Switzerland have their headquarters in Zurich or its immediate vicinity. These include Credit Suisse and UBS (whose headquarters is shared with Basel), Zurich Financial Services, Swiss Re and Swiss Life, to mention just a few examples. About 40% of employees (approx. 100,000) in the Swiss financial sector are based in Zurich. In a small area, the city offers a concentration of know-how in a varied range of segments within the financial sector.
Today's Zurich Financial Center is far more than a hub for banks. It has developed into a major location for insurance companies and asset managers as well as providers of alternative investment products and funds. The players in the financial sector work hand in hand with other specialists such as attorneys and accountants. The wide range of educational opportunities offered helps to maintain high standards of qualification for financial specialists, who are the key success factor in this internationally competitive sector.
Organizations Present in the Financial Center
Many organizations such as industry associations and professional bodies play their parts in shaping the Swiss financial center as a whole and in Zurich. They are also involved in the ongoing development of regulatory frameworks and standards and they are committed to advanced professional training for highly qualified talents.
The City and the Canton Promote the Financial Center
The joint cluster initiative by the Canton of Zurich Location Development Department and the City of Zurich Economic Development Department in the financial sector is mainly focused on monitoring overall external and internal conditions, and on a comparison with international conditions in other major financial centers. However, it is the national regulatory and supervisory authorities at Federal level who have the greatest scope to influence the framework of statutory conditions for the sector. The cluster initiative's other key goals in the financial sector include closer networking and the inclusion of organizations involved in education policy.