Zurich’s financial center stands to become less important globally and is poised to shrink in 2012, Tages-Anzeiger reported, citing a study by the BAK Basel economic research institute.
The local industry is set to contract by 2.1 percent this year, the newspaper said, citing Urs Mueller, head of BAK Basel. Adverse conditions are weighing on asset management and investment banking, which are particularly important for financial companies in Zurich, it said.
The study predicted that the city’s financial industry will employ 3,000 fewer people by 2020 and will barely expand, according to the paper.
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