Swiss banking execs eye UBS tax dispute fallout: report
August 31st, 2009
Reuters
NEW YORK – Executives at Swiss banks Julius Baer (BAER.VX) and Credit Suisse (CSGN.VX) expect to avoid a U.S. tax investigation into their private banking businesses on the same scale as their peer UBS (UBSN.VX), they told The Financial Times on Sunday.
UBS, Switzerland’s No. 1 private bank, earlier this month agreed to reveal the names of thousands of UBS’s rich U.S. clients to Washington to settle a tax-avoidance dispute seen as threatening Swiss banking secrecy.
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