Bloomberg

(Bloomberg) -- Switzerland’s banks are losing their economic importance, with the country’s two largest banks, UBS Group AG and Credit Suisse Group AG, eliminating thousands of jobs to weather tougher regulation and a slump in earnings. At the same time, private banks have been hurt by the loss in secrecy laws that once helped them attract billions of dollars in assets.

To contact the reporters on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net, Jan-Henrik Förster in Zurich at jforster20@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Neil Callanan

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