Swiss battle to avoid another UBS tax debacle

by Matt Allen, swissinfo.ch February 27, 2014 – 18:10 Swiss banks are in the firing line – Credit Suisse went before the United States Senate earlier this week – but so far the Swiss authorities have contained the fallout to prevent another UBS-style disaster. Experts are divided, however, on how the US Department of Justice will act on Credit Suisse. In 2008 and 2009 the credibility of Switzerland’s largest bank, UBS, the country’s fabled banking secrecy and the Swiss wealth management industry fell like dominoes under attack from a concerted US campaign against tax evasion. The now stiffened Swiss defences have outraged…