Zurich financial centre provides 16 percent of regional value added

(CONNECT) According to a According to the Zurich Banking Association, the Zurich financial centre is a "supporting pillar for the economy, society and the state". The Bankers Association bases this statement on a study conducted by management consultants Oliver Wyman on behalf of the Bankers Association.

According to the study, the Zurich financial centre provides over 100,000 jobs and contributes around 16 percent to value creation in the Zurich region. The banks in Zurich's financial centre cover around 30 percent of the financing needs of companies and households throughout Switzerland. Around half of the City of Zurich's corporate tax revenue is generated by banks and insurance companies.

The experts at the management consultancy believe that the Zurich financial centre is facing growing international pressure from a strong starting position. Internally, the consolidation in the banking sector, and in particular the integration of Credit Suisse into UBS, has "permanently shifted the market structure". Globally, other international financial centres such as London, Singapore and Hong Kong are working to improve their competitiveness.

In order for the Zurich financial centre to maintain and improve its position in international competition, the financial sector, the real economy and politics must work together in three areas, according to the study. The first area is the design and further development of the range of financial services for the economy and the population, the second is securing and improving the attractiveness of the location and the third is mastering technological change and the search for talent.

The Zurich financial centre is "a key service provider for the economy and the state - and therefore also a strategic location factor for Switzerland," Christian Bretscher, CEO of the Zurich Banking Association, is quoted as saying in the press release. "It is therefore crucial to maintain good framework conditions, especially when taking further regulatory steps, otherwise we will weaken the entire economy." ce/hs