Swiss banking secrecy under fire
Switzerland is synonymous with discreet banking but 76 years after Swiss banking secrecy was enshrined in law, the practice is under massive international pressure. swissinfo.ch documents this changing point in the history of banking secrecy, with facts, background reports and analysis.
The United States tax authorities have “fully and definitively” withdrawn the John Doe summons served on Swiss bank UBS, according to the federal finance ministry.
Recent efforts by UBS to boost its tattered reputation through marketing, refurbishment and sponsorship deals have met with a mixture of hope and scepticism.
The United States authorities are wasting no time in meting out swift punishments on tax cheats who used Switzerland’s UBS bank to hide their assets.
A mere 18 months ago UBS was staring down a precipice with SFr21 billion ($19.9 billion) losses in 2008 and a United States tax evasion scandal around the corner.
Credit Suisse has reported a net profit of SFr1.6 billion ($1.53 billion) for the second quarter, beating analysts’ forecasts despite uncertain market conditions.