J. Safra Sarasin is winding down its business in Germany after spending nearly a decade trying to build up in Europe’s largest economy, according to Swiss industry reports.

Its operations there, which employ about 80 people, will be closed down during the course of 2017. Sarasin had reportedly found it difficult to generate profits in the German wealth sector.

A Safra Sarasin media spokesperson said, “The bank will not comment on this subject.”

Sarasin has five branches in Germany, comprising its HQ in Frankfurt and outlets in Hamburg, Hannover, Munich and Stuttgart. It previou...