Banks and their profits will shrink: Buba’s Weber


The financial industry is bloated and will benefit from the downsizing it is due to face, said Axel Weber, the president of Germany's central bank and a member of the European Central Bank's rate-setting governing council.

In an interview with, an economics website, he said finance had grown disproportionately large as a percentage of GDP relative to the industry and service sectors, and that this would have to change. New regulations would reduce the profitability of banks, but that was

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