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People walk past a branch office of Swiss bank UBS in Basel October 28, 2012.
People walk past a branch office of Swiss bank UBS in Basel October 28, 2012.
(Arnd Wiegmann/Reuters)

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Three Main Street cheers for Wall Street shrinkage

The financial sector is shrinking. The latest sign is the likely withdrawal of Swiss bank UBS from its fixed income trading business, a decision expected to be announced on Oct. 30. The move would be tough on employees and may be costly for shareholders in the short term. But most of the rest of the world should be glad.