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S U B S C R I B E
Study: Swiss banking sector to shrink
The share of the banking sector to the Swiss economy is expected to diminish in coming years.
A study by BAK Basel Economics, commissioned by the Swiss Bankers Association, sees banking making up just 5.7 percent of Swiss GDP in 2015, compared to 6.1 percent seen last year.
Shrinking profits due to regulation and tax deals are cited as causes for the contraction, along with unsure prospects in global markets.
The study sees the size of the banking sector growing again by 2020 after changes are made, including the so-called Swiss finish to international banking standards, requiring banks to keep large amounts of capital on-hand.
These rules were decided after big bank UBS required a bailout in 2008.
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