By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Independent voices from the TWT Communities
One of Switzerland's signature industries, Swiss banking no longer has the same allure it once did and could be in for tough times in the years ahead, analysts say, as it struggles to cope with a changing regulatory environment in the wake of the global financial crisis.
"I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019," he said, adding, "We, on the other hand, see this new world very clearly.
UBS Chairman Axel Weber told the German daily Handelsblatt that changing regulations are making it more difficult to compete in investment banking, though he said his own bank's cuts will spread through the industry.