Five Swiss banks have given the names and details of their US-based employees to the American authorities.
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Did the banks, which are suspected of violating US tax laws, sell out their workers in order to save their own skins?
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Bank staff data handover grates in Switzerland
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In an unprecedented move this year, 11 Swiss banks were given the go-ahead by Switzerland to pass the names thousands of bank staff and consultants employees active in the American market onto the US Justice Department. The French satirical weekly Le Canard Enchainé called it “a typically Swiss tragicomedy”, scoffing: “To escape the long arm…
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Disappointed in the Swiss government, the retired lawyer has decided to defend his own rights. “I am infuriated and indignant over the immoral behaviour of the banks’ leaders, who are sacrificing employees, ex-employees and even retirees to save their own skin,” Delissy, one-time employee of the Geneva bank HSBC, told swissinfo.ch. “The strategy of operating…
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Whistleblower Bradley Birkenfeld is credited with exposing widespread tax evasion at Swiss bank UBS. Birkenfeld served two-and-a-half years in prison for a fraud conspiracy conviction related to the case, which resulted in a $780 million fine against the bank and an unprecedented agreement requiring UBS to turn over thousands of names of suspected American tax…
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Ex-SNB chief warns of tax transparency changes
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“Switzerland and its banking system should assume that in five to ten years when a foreign client comes and opens a Swiss bank account, his name, the date he opens the account and the bank’s name will be automatically transferred to his country’s treasury,” said Hildebrand. “The Swiss fiscal refuge is over.” Hildebrand, who resigned…
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“Today I met several bankers in Zurich. They were all shaking their heads saying, ‘In 40 years of operations we’ve never had a crisis like this one – a war like the one being waged against the Swiss banking system. We’re in the artillery sights of every country and every day there are new attacks’,” recounted Paolo…
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Over the past few years, UBS has garnered a lot of negative press. Extraordinary general assemblies and public protests have been occuring with increasing frequency.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.