Swiss banks: CHF 74.5 billion in value added for the economy
How significant is the impact of the Swiss banking sector beyond the industry itself? The latest BAK Economics study, “The economic importance of the Swiss banking sector”, shows that banking activities are associated with a total of CHF 74.5 billion in value added and around 338,700 full-time equivalent jobs.
Three questions on the findings for our experts Martin Hess, Head of Economic Policy at the Swiss Bankers Association, and Nina-Alessa Michel, Policy Advisor Economic Policy and Regulation.
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“The impact of banks extends far beyond the industry itself”
Martin Hess
Martin Hess, the study puts the banking sector’s total value-added effect at CHF 74.5 billion. What does this figure tell us?
Martin Hess (MH): The figure shows that the economic importance of banks extends far beyond the industry itself. The banking sector itself generates CHF 43.8 billion in added in value. A further CHF 30.7 billion is generated in other industries. This means that every franc of value added generated in the banking sector creates around 70 centimes in additional value added outside the banking sector.
More than half of the jobs associated with the banking sector are outside the industry. Who benefits most from banks’ activities?
MH: Banks purchase upstream services, such as IT and consulting services, thereby generating value added for other companies. The retail and trade sectors also benefit from consumer spending by bank employees. Overall, 338,700 full-time equivalent jobs are directly or indirectly associated with the activities of the banking sector.
The banking sector and financial market are associated with CHF 16.6 billion in public revenues. What is the most important economic policy conclusion you draw from this?
MH: A successful and competitive banking centre is important for Switzerland as a whole. The CHF 16.6 billion corresponds to 9.3% of the total public revenues of the Confederation, cantons and municipalities. This underlines the importance of good framework conditions for a competitive banking centre.
“Banks are among Switzerland’s most productive industries”
Nina-Alessa Michel
Nina-Alessa Michel, banks are around one and a half times as productive as the economy as a whole. What accounts for this difference?
Nina-Alessa Michel (NM): In 2025, a full-time equivalent job in banking and banking services generated around CHF 280,900 in gross value added. The average for the economy as a whole was CHF 189,400. Labour productivity among employees is therefore around one and a half times as high as the economy-wide average.
Financial services also play an important role in exports, accounting for 14.7% of Swiss service exports. Why is this significant?
NM: In 2025, financial services worth CHF 24.4 billion were exported. Exports were almost five times as high as imports. Financial services therefore have the highest positive export balance of all service categories and make an important positive contribution to Switzerland’s services trade balance.
Banks are spending more on external services. Is this the price of digitalisation and regulation?
NM: To some extent, yes. Banks today require significantly more external services than they did a few years ago. The share of upstream services rose from an average of 41.0% between 2006 and 2015 to 47.5% between 2016 and 2025. The reasons include higher regulatory requirements as well as growing demand for IT and consulting services due to digitalization and increasing cybersecurity requirements.
The study