Key Developments in February 2026

Declining profits at large corporations, a bank licence withdrawal by FINMA, and ongoing uncertainty surrounding U.S. tariffs: February 2026 shows that the economic environment in Switzerland remains tense. We have compiled the most relevant restructuring news of the month – from credit losses and job cuts to economic indicators.

Julius Bär reports lower profits in 2025 due to credit losses srf.ch: 02.02.2026

Private bank Julius Bär reported a decline in profits of around one-quarter for 2025, amounting to CHF 764 million, primarily due to net credit losses of CHF 213 million following a review of its credit portfolio. The aftermath of the Signa collapse continues to have an impact and remains a key risk factor for the bank's results and reputation.

Sunrise lays off 147 employees nau.ch: 05.02.2026

Following a consultation process, Sunrise has reduced the number of planned job cuts from an initial 190 to 147 full-time positions. The layoffs will take place during the current month and in March, affecting approximately 5.5% of the workforce. A social plan, including severance packages and job placement support, has been put in place.

Schindler: Slight decline in revenue and order intake, but improved profitability srf.ch: 11.02.2026

Schindler reported a 2.6% decline in revenue for 2025, amounting to CHF 10.95 billion. According to SRF, foreign exchange effects reduced revenue by CHF 431 million. At the same time, adjusted operating profit (EBIT) increased significantly, reflecting active margin and cost management, despite subdued market signals in the global construction and investment environment.

Swisscom profits shrink due to Vodafone Italia integration srf.ch: 12.02.2026

Swisscom reported a 17.6% decline in net profit for 2025, amounting to CHF 1.27 billion, largely driven by integration costs related to the acquisition of Vodafone Italia. Additional pressures came from erosion in the telecommunications business and the strength of the Swiss franc. Strategically, Swisscom is focusing on merging Vodafone Italia and Fastweb in Italy to achieve greater profitability in the medium term.

Sika reports a decline in profits srf.ch: 20.02.2026

Sika announced a 16% drop in profits for 2025, amounting to CHF 1.05 billion, along with a 4.8% decline in revenue. The company attributed this to a weak construction market in China and a shutdown in the U.S. For 2026, Sika expects continued subdued market conditions and is relying on an efficiency program as a foundation for stabilization and future growth.

FINMA shuts down MBaer Bank srf.ch: 27.02.2026

FINMA has revoked the license of Zurich-based MBaer Merchant Bank and ordered its liquidation after identifying severe systemic deficiencies in anti-money laundering measures, organizational structure, and risk management. According to the report, approximately CHF 4.9 billion in client assets and nearly 700 client relationships were affected as of the end of 2025. The bank employed over 60 staff members. This case serves as a clear indication of regulatory-driven "failure" scenarios in the financial sector, with direct relevance to recovery and resolution issues.

Swiss National Bank establishes framework for Extended Liquidity Facility snb.ch: 19.02.2026

The Swiss National Bank has further clarified the framework for the announced Extended Liquidity Facility (ELF), designed to provide liquidity support to banks headquartered in Switzerland. The ELF conditions specify, among other things, the range of eligible collateral and applicable haircuts.

How U.S. tariffs have impacted Switzerland from "Liberation Day" to today srf.ch: 23.02.2026

In April 2025, Trump announced new U.S. tariffs worldwide, initially imposing a 10% base tariff on Switzerland, while significantly higher additional tariffs were postponed multiple times. Switzerland was later temporarily confronted with a particularly high rate of 39%, which, according to KOF, could lead to significant job losses. However, tariff policy remained highly uncertain, and as of late February 2026 the applicable rate and future burden were still not fully settled.

One franc for a pound of bread? Its value is much higher srf.ch: 24.02.2026

Almost every week, a bakery closes its doors, while large retailers sell at low prices. The industry is trying to compete through quality. According to industry representatives, the causes are multifaceted: businesses are struggling with rising costs for labor and raw materials. They are losing customers to retailers and discount stores that attract with low prices.

KOF Economic Barometer: Consolidated positive economic outlook kof.ethz.ch: 27.02.2026

The KOF Economic Barometer rose in February. After a slight decline in the previous month, it has now resumed the upward trend of recent months and remains above the medium-term average. The positive outlook for the Swiss economy is becoming more solidified.

The economic environment remains dynamic – and with it, the demands on companies to make the right decisions early. Whether restructuring, recovery, or strategic realignment, we are here to help you turn challenges into opportunities.