Over the last two decades, the Swiss financial centre has overcome a series of challenges: the global financial and debt crisis, years of negative interest rates, the removal of bank-client confidentiality and, most recently, the Credit Suisse crisis. Yet today it is more stable than ever before. The banks are managing more assets, employing more people, and have demonstrated their resilience. This did not happen by chance: it is the result of robust business models and regulation that until now has been measured in its approach. 

«Regulation must never be an end in itself.»

Paradigm Shift Threatens

But that balance is in jeopardy. The package of regulation presented by the Federal Council in June threatens a paradigm shift away from differentiated supervision towards blanket over-regulation. The majority of the measures proposed are to apply to all banks, even though only one was affected. That is disproportionate and carries substantial risks. Regulation must never be an end in itself. It must ensure stability without undermining international competitiveness.

«Of course, lessons need to be learned from the CS crisis. But those lessons must be targeted and differentiated.»

Switzerland thrives on openness, innovative capacity and a financial centre that is trusted around the globe. If we casually diminish those advantages, we endanger jobs, tax revenues and, ultimately, our economic sovereignty. Today, banks, insurers and financial service providers account for some 12.5% of the tax revenues of the federal government, cantons and communes. They finance mortgages, enable entrepreneurship and promote innovations such as TWINT and distributed ledger technologies. If the financial centre is weakened, Switzerland is weakened with it.

A Strong, Resilient And Internationally Financial Centre

Of course, lessons need to be learned from the CS crisis. But those lessons must be targeted and differentiated. Four factors are key. First, proportionality must be maintained: the scope and design of regulation must be appropriate and reflect the individual banks’ differing situations. For the vast majority of institutions, there is absolutely no need to impose additional requirements. 

«The debate about regulation is important, but it cannot be conducted in isolation.»

Second, a clear code of procedure is needed for Finma that guarantees adherence to the rule of law and a proportionate approach. Third, the diversity of the banking landscape must not be constrained by excessive governance rules. And fourth, capital requirements must not go beyond what is necessary: they must be realistic and internationally aligned.

The debate about regulation is important, but it cannot be conducted in isolation. Discussions on the future of the financial centre must also consider its role in overcoming the great challenges of our time: demographic change, the digital transformation, financing the energy transition, and geopolitical uncertainty. All of that depends on a financial centre which is strong, resilient and internationally connected.

«Now is the time to act with vision.»

Now especially, with the world in a state of upheaval, Switzerland needs a well-functioning, innovative and responsible financial centre that it can count on. The banks play a key role in financing sustainable infrastructure, developing digital payment solutions, and supporting SMEs in difficult economic times. They are not just service providers: they help to shape the security of our economy and society, and drive progress.

«The day after tomorrow» is not some distant future scenario: it begins today. Now is the time to act with vision, to ensure that the Swiss financial centre remains a reliable pillar of our economy and society going forward. What is required is not more regulation, but intelligent regulation. And above all, the courage to think long-term.

This article is based on the address delivered by Marcel Rohner at Bankers Day 2025, which examined the future of the Swiss banking centre under the banner of «The day after tomorrow». 

The full speech can be found here.