Swiss consumer-finance bank Cembra will relocate its headquarters from Zurich-Altstetten to Baden, Aargau, in autumn 2027, becoming the second financial institution in less than a month to announce plans to move its head office out of Zurich, after Vontobel.
Within weeks, two established financial firms have elected to shift their legal and operational centres beyond Zurich’s city limits. Will this development intensify scrutiny of the city’s costs, taxes, office market conditions, and its ability to retain financial-sector employers?
No Job Cuts Linked To Relocation
The company framed the move as part of longer-term workplace and space planning rather than a cost-cutting exercise.
Holger Laubenthal, CEO of Cembra, said, “Our aim is to create a working environment that reflects our company culture, our goals and the needs of our employees over the long term. Our new headquarters in Baden will provide the perfect foundation.”
All roughly 660 employees currently based at Cembra’s Zurich headquarters are expected to relocate to Baden, a company spokesperson told AWP. Cembra said the move is not connected to a headcount reduction.
The bank’s other Swiss employees will remain at regional hubs in Bern, Lausanne, Lugano, St Gallen and Zurich city center, while Cembra continues to serve customers nationwide through its five hubs and partner network.
Cembra will move into the Konnex building complex in Baden Nord, a former industrial area being redeveloped into a business district. The bank said the site offers modern infrastructure, contemporary building technology, and energy-efficient operations, as well as strong public transport links for employees and business partners.
Second Banking Headquarters To Leave Zurich
Cembra’s decision follows Vontobel’s late-August announcement that it would move its own headquarters from Zurich to Baar, in the canton of Zug. Vontobel expects more than 1,500 employees to work from the new site, a shift that prompted debate about Zurich’s competitiveness and the cost of operating in Switzerland’s largest financial center.
The two moves differ in destination and stated logic. Vontobel is relocating to tax-advantaged Zug, while Cembra is moving to neighboring Aargau, where it emphasizes workplace design, building quality and accessibility rather than tax considerations.
Cembra shares traded slightly lower after the announcement, down about 0.33% at CHF 86.07 in early Swiss trading, according to market coverage. The company has not said whether the office move will involve exceptional costs, lease-related charges or a change to its financial outlook.
Read More: Bitcoin Suisse’s Layoffs Turn Bitter
