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GENEVA, April 15: Switzerland’s financial centre has not only taken a financial knock from the global credit crisis, but enormous damage has also been done to its image, a top banker said on Tuesday.
Raymond Baer, chairman of Swiss private bank Julius Baer, said the fallout from the subprime crisis is likely to exceed that of the dramatic collapse of Switzerland’s flagship airline Swissair in 2001.
Switzerland’s largest banks UBS and Credit Suisse have both been hurt by the US credit crunch.—AFP
