Vontobel relocation to Zug downplayed by Zurich finance chief

Zurich Finance Director Daniel Leupi has downplayed the controversy surrounding the investment bank Vontobel's decision to relocate its headquarters from Zurich to Baar, in the canton of Zug. Leupi stated that while the move is regrettable, it is a common occurrence in a dynamic economic environment and suggested that the public outcry is somewhat exaggerated.

Vontobel plans to consolidate approximately 1,500 employees at a new campus in Baar by 2030. The bank cited a lack of large available spaces in Zurich to accommodate such a project. Despite the move, Vontobel will maintain a presence in Zurich with 300 employees and will continue to pay taxes to the city.

Discussions regarding the potential relocation of UBS have also been addressed, with Leupi expressing confidence that a Swiss bank's headquarters would not be moved abroad lightly. Meanwhile, some critics have pointed to Vontobel's history of tax optimization strategies, including previous structures involving Frankfurt and Dubai, as a primary driver for seeking more favorable conditions.