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Facing Increasing Scrutiny, Swiss Banks Find Wealthy U.S. Clients Less Alluring
By Brian Monroe
printAt least half a dozen Swiss banks are scaling back their dealings with wealthy U.S. clients following a nearly $800 million penalty against UBS AG, according to news reports and tax analysts. Switzerland-based EFG Group, Valiant Group, Maerki Baumann and Berner Kantonalbank are evaluating current accounts with U.S. private banking clients and limiting the number of new American customers they take on, according to a report last Thursday by NZZ Online. On April 12, Credit Suisse said it was exiting relationships with wealthy Americans, according to a report by Reuters. The moves follow a July announcement by UBS and a...
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