Thursday 16 October 2025

Press Conference 2025

The financial sector remains a central pillar of Geneva's economy, representing over 38,000 high value-added jobs, 12.9% of the canton's GDP, and 23% of its tax revenue. For the sector to continue serving as a key a driver of the economy, the three fundamental principles of stability, proportionality, and competitiveness must be preserved. Switzerland's regulatory framework, along with its bilateral relations with the European Union (EU) need to be considered from this perspective.

Regulation: Excessive regulation ultimately damages a nation's economic vitality

On 6 June 2025, the Federal Council presented a package of measures in response to the Credit Suisse crisis.

In terms of stability, the Geneva Financial Place Foundation believes that extending the ability of the Swiss National Bank (SNB) to provide liquidity is an essential step. Conversely, giving FINMA the power to impose fines is not warranted. Likewise, the financial regulator should not be permitted to disclose information about ongoing investigations or proceedings before a final decision is made, as this undermines the legal principle of presumption of innocence.

Proportionality is another key principle. The strength of the Swiss financial centre lies in the diversity of its institutions, which encompass a range of sizes, business models and risk profiles. A "one size fits all" approach is therefore entirely unsuitable.

Lastly, at a time when other nations are increasingly moving towards deregulation, Swiss regulation must be guided by a comprehensive cost-benefit analysis to guarantee financial stability while preserving competitiveness.

When taxes rise, economic attractiveness falls

The Geneva Financial Center Foundation strongly opposes the "For the Future" initiative, on the ballot on 30 November 2025. This initiative proposes a 50% tax on inheritances and donations over 50 million Swiss francs. If accepted, it would be fatal for the family businesses that form the core of the Swiss economy.

Relations with the EU: three good reasons to say YES to the Bilateral III agreements

First, the Bilateral III agreements will help stabilize relations between Switzerland and its main trading partner. Second, they are a necessary condition to improve access to the European market for Swiss financial service providers. And third, they will help strengthen skills through education, training, and advanced research.

Economic Survey: customer trust remains high

The 2025-2026 Economic Survey reflects solid performance for banks, asset managers and other financial intermediaries. However, the continued decline in interest rates and rising regulatory complexity are putting pressure on earnings and margins. Despite an unsettled environment, wealth management is benefiting from positive momentum, with assets under management on the rise. The Geneva financial centre remains as attractive as ever, especially for Middle Eastern and European customers. Employment in the sector remains stable and the outlook for 2026 is positive.

Philanthropy in Geneva: a changing global hub

Geneva stands today as a global hub for philanthropy. With Geneva-based international organizations facing significant budgetary pressures, the financial centre and academic institutions play a central role in professionalizing and supporting a sector that employs more than 25,000 people in the canton.

Press Release
Discours de Denis Pittet, Président (only in French)
Economic Survey 2025-2026
Présentation de Mara De Monte, Directrice exécutive du Centre en philanthropie de l'Université de Genève (only in French)