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News Link • Economy - International

IT'S HAPPENING: Banks Are Ditching Switzerland For Finally Cracking Down On Secrecy

• Business Insider

And foreign private banks in Switzerland are now heading for the exits.

From Businessweek:

The number of foreign-owned Swiss banks fell to 129 by the end of May from 145 at the start of 2012, according to data from the Association of Foreign Banks in Switzerland. Assets under management slid by a quarter to 870.7 billion Swiss francs ($921 billion) in the five years through 2012 as clients withdrew money or paid taxes on undeclared accounts, the data show.

Switzerland houses 26% of global offshore wealth, or about $2.2 trillion, according to Businessweek. U.S. and EU pressure sparked the new crackdown.

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