Back in 2014, «Neue Zürcher Zeitung» described the exodus of numerous foreign banks from Switzerland as a «great departure.» The fallout from the 2007–2008 financial crisis and the later shake-up of Swiss private banking due to new international tax transparency measures triggered an industry-wide retreat.

The downward trend continued in the following years. According to Swiss National Bank data, the number of employees at «foreign-controlled banks» and «branches of foreign banks» fell from 20,719 in 2014 to just 15,145 in 2020.

Bouncing Back Above 16,000 Employees

That decline, however, appears to have hit rock bottom. Since then, the remaining foreign banks have been steadily regaining ground. By the end of 2023, they employed 16,207 people—an increase that experts believe has continued into 2024, though official figures are still pending.

This recovery has fueled a new sense of confidence among Swiss-based foreign institutions, including Bank of America, Commerzbank, Schroders, and BNP Paribas—the latter being the longest-standing foreign bank in Switzerland, with a presence dating back to 1872.

Corporate Banking Drives Growth

The shift toward corporate banking has played a major role in this resurgence. The collapse of Credit Suisse left a gap in the market, allowing foreign banks to expand their foothold in corporate and commercial banking, asset management, capital markets, commodity trade finance, cash management, and investment banking.

With massive deposits in their home markets, foreign institutions operate in Switzerland from a position of financial strength. Their global reach is particularly attractive to Swiss companies focused on international trade.

Bridging Opportunities for Swiss Exporters

According to Raoul Würgler, Secretary General of the Association of Foreign Banks in Switzerland (AFBS), these institutions do more than just facilitate international trade, they «actively build bridges to new opportunities for Swiss businesses worldwide,» he explains.

With 87 member institutions, the AFBS is now the second-largest banking association in Switzerland in terms of membership.