Swiss Banks Could Lose Hundreds of Billions of Dollars

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


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.