Switzerland

Swiss Banks Could Lose Hundreds of Billions of Dollars

Moves to prevent European tax evasion expected to prompt offshore account withdraws

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Swiss banks could see European clients withdraw "hundreds of billions of francs" as a result of bank measures to stop foreigners using secret accounts to evade taxes, says UBS.

Switzerland's biggest bank alone could see up to $32 billion, or more than 10% of the total European assets under management flee from the bank, says Juerg Zeltner, head of UBS wealth management.

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