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UBS's potential departure from Zurich poses a significant risk to the city's tax revenue and job market, as banks contribute nearly 40% of corporate taxes. Despite the challenges faced by the banking sector, tax contributions from banks have risen steadily since 2020, highlighting Zurich's ongoing dependence on its financial center. The city's efforts to diversify its economy have had limited success, with major tech companies like Google paying most taxes in their home countries.
Zürcher Kantonalbank (ZKB) has appointed Susanne Thellung to lead its new Private Clients division, targeting the upper mid-market customer segment. This strategic move aims to capitalize on a profitable growth area, especially as UBS prepares to integrate around 1.3 million former Credit Suisse clients. With a state guarantee, ZKB positions itself as an attractive alternative for clients considering a bank switch amid the ongoing changes in the Swiss banking landscape.
Maren Meyer
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Zurich's financial dependency on banks raises concerns amid UBS speculation
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15:54 28.03.2025
ZKB targets high net worth clients in challenge to UBS
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17:34 28.02.2025
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