Midweek Roundup: Raft of Swiss Banks Could Close Following U.S. Deal, Justice Department in Talks on Banking Marijuana Sellers, and More

Zurich-based private bank Rahn & Bodmer disclosed Tuesday that it is among at least a dozen Swiss financial institutions targeted by the U.S. Justice Department for allegedly aiding tax evaders. The bank said in a statement that it will not need to set aside capital should it end up paying a monetary settlement. More A quarter of Switzerland's 103 private banks could shut their doors within the next three years, particularly if they lose money as the result of a U.S.-Swiss agreement to settle tax evasion allegations, said, citing a report by KPMG and the University of St Gallen....