It was in September 1974 when Goldman Sachs opened its first Swiss office in Zurich. At that time, three employees were on-site to serve institutional clients. Today, the US financial house employs around 160 people, 130 of whom are in Zurich and the rest in Geneva.

Opening a branch in Switzerland was only logical. In the 1970s, Switzerland was considered the third most important financial center in the world, after New York and London, and was seen as a safe financial haven.

Goldman Sachs soon recognized the need among its private wealth clients to combine the global network and services of Goldman Sachs with the security and confidentiality of a Swiss bank. Thus, the establishment of the Swiss private bank was a natural progression for the company.

The Success Factor: First-Class Services

Now, the financial house can celebrate its 50th anniversary in Switzerland this year.

«Over the half century of growing our firm in Switzerland, we have been fortunate to build relationships with clients across all segments of our business, a reflection of the diverse opportunity set in this market,» says Stefan Bollinger, EMEA Co-Head Private Wealth Management.

And Dominique Wohnlich, CEO of Goldman Sachs Bank, emphasizes: «The growth of our Swiss business is a testament to our client-centric approach, providing them with access to first-class services in wealth management and global banking and market operations.»

From left: Tucker York, Global Head of Goldman Sachs Wealth Management, and Dominique Wohnlich, CEO Goldman Sachs Bank Switzerland (Image: zVg)

Move to a Historic Building

As a belated birthday gift, the US investment bank will move into new offices at Bahnhofstrasse 3 at the beginning of 2025. These offices will accommodate up to 250 employees and feature modern infrastructure. «This step underscores the bank's commitment to Switzerland and its growth ambitions,» according to a statement. The move was originally planned for 2024, as reported by finews.com.

Fitting for Goldman Sachs: Bahnhofstrasse 3 was the seat of the «Old Stock Exchange.» Starting in 1884, Swiss securities transactions were conducted here under government supervision. Meanwhile, in Geneva, the most important financial center of Switzerland in the 19th century, and also in Basel, securities trading on stock exchanges had been established decades earlier.