The Zurich Cantonal Bank (ZKB) has moved to the center of private banking: 30 billion francs in new deposits flowed into the state bank in the past year. With a total of 520 billion francs under management, the institution now poses a serious challenge to UBS and Julius Bär.
Once a savings and loan bank, the ZKB has developed into a major player in wealth management in a short period of time, benefiting from the collapse of Credit Suisse.
The bank particularly profits from the crisis of its former competitor, as it has attracted a total of 60 to 70 billion francs in new customer deposits since 2023. This is equivalent to the volume of a mid-sized private bank – without the cost of acquisitions.
The success is not without impact on the bank’s salary structure. Despite regulatory restrictions, salaries and bonuses continue to rise. On average, ZKB employees earned 212,000 francs in the past year – not far from the 236,000 francs at Julius Bär and the 251,000 francs at UBS.
These figures are particularly noteworthy, considering that UBS salaries are strongly influenced by investment banking and Julius Bär’s international presence leads to higher compensation. The ZKB, on the other hand, benefits from a de facto non-compete clause and a secure pension plan – an attractive package made possible by the state guarantee.
A job at the ZKB thus offers almost ideal conditions: a high income, professional security and advantageous pension benefits – all financed by the taxpayer.