Swiss bank

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Oldest Swiss Bank Calling It Quits After US Fine

Wegelin will pay $57.8M in fines

(Newser) - After more than two centuries in business, a Swiss bank is closing down following fines for helping American tax dodgers. Wegelin, the country's oldest bank, pleaded guilty to tax evasion charges and will pay $57.8 million in fines. After that, the bank founded in 1741 says it "... More »

UBS Slashing 10K Jobs

Swiss bank ditching riskier businesses

(Newser) - Swiss banking giant UBS is slimming down, and sacking nearly a sixth of its staff in the process. The bank has announced plans to lay off 10,000 people worldwide over the next three years as it retreats from investment banking to focus on private banking, the BBC reports. The... More »

Dems Poke at Romney's Swiss Bank Account

Swiss banks 'to hide something,' accuses Dick Durbin

(Newser) - Democrats are taking shots at Mitt Romney's Swiss bank account, accusing him of wanting to "conceal something," reports the Huffington Post . The issue came up yesterday in a conference call by President Obama's election campaign that was supposed to be about raising taxes on the rich.... More »

Switzerland's Oldest Bank Indicted Over US Tax Cheats

Wegelin brought down by probe

(Newser) - A Swiss bank older than the US has been indicted by the Justice Department for helping Americans dodge taxes. Wegelin, a 270-year-old private bank, helped some 100 wealthy Americans hide more than $1.2 billion from the IRS, according to the indictment. Clients who decided to co-operate with the investigation... More »

Credit Suisse to Out US Tax Cheats

Move is in response to an IRS request

(Newser) - Heads up, mafiosos and unscrupulous millionaires: Credit Suisse AG intends to give you up to the tax man. Of course, you probably already knew that, because the bank sent notification letters to various US clients suspected of tax evasion last week warning them that it would soon hand over their... More »

Mubarak's Net Worth? Figure $5B, Not $70B

Switzerland freezes his accounts

(Newser) - Switzerland has temporarily frozen all assets that might belong to Hosni Mubarak and his family. It's not clear how much that might be, but the AP notes there was $3.5 billion in Egyptian deposits in Swiss accounts at the end of 2009. Mubarak and his family probably have a... More »

Ex-GOP Rep Helping Baby Doc Get His Cash

Duvalier says he wants Swiss funds to help Haiti

(Newser) - Ex-congressman Bob Barr is helping “Baby Doc” Duvalier gain access to frozen funds left in Swiss banks. The former dictator “is very interested in trying to get those funds freed up, not for himself, but so they can be used to help the situation in Haiti,” Barr,... More »

Why Baby Doc Really Returned: Cash?

Struggling Duvalier has money frozen in Switzerland

(Newser) - In all the speculation over the reason for “Baby Doc” Duvalier’s sudden return to Haiti, a possible new motive has emerged: The former dictator may have been seeking access to cash, the New York Times notes. The former ruler allegedly embezzled $300 million from his country, but insiders... More »

Ex-Banker Gives WikiLeaks Offshore Bank Account Data

Swiss whistleblower Rudolf Elmer aims to 'educate about offshore abuses'

(Newser) - A Swiss ex-banker gave WikiLeaks data today on some 2,000 individuals with offshore bank accounts, handing the data to Julian Assange himself at a London news conference. "He is clearly a bona fide whistleblower," the WikiLeaks founder said. "We have some kind of duty to support... More »

UBS to Hand Over Names of 4,450 Clients

(Newser) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being turned... More »

Tax-Evader Crackdown Spreads to Hong Kong

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

Tax Cheats Flood IRS, Looking to Come Clean

Inquiry into Swiss banks leads hundreds of evaders to come clean

(Newser) - A crackdown on tax evasion has led to a flood of wealthy Americans lining up to reveal their offshore accounts to the IRS, reports the Wall Street Journal. A limited-time offer of lower fines, coupled with the ongoing probe of Swiss bank accounts held by UBS, has produced a stampede... More »

UBS Refuses to Hand Over Names of US Tax Cheats

Bank charges IRS is trying to trample on Swiss laws

(Newser) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the... More »

UBS Bans Its Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

Bailed-Out UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike... More »

US Demands UBS Cough Up 50K Tax Cheat Clients

Swiss bank stunned by number in court filing

(Newser) - The Justice Department has stunned UBS with a demand for the names of 52,000 clients believed to be American tax dodgers, reports the Wall Street Journal. The Swiss bank had expected to be asked for 20,000 names, but a court filing yesterday stated that an IRS investigator had... More »

UBS Shocks With Record $17B Loss

Swiss banking giant posts worst loss in nation's history

(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,... More »

UBS Closes 19,000 US Accounts in IRS Probe

Swiss banking secrecy collapses as investors face tax evasion charges

(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine.... More »

As US Cracks Swiss Secrets, UBS Clients Cop to IRS

Tax evaders taking agency's amnesty deal rather than risk being caught

(Newser) - The IRS is getting an unexpected boon from a Justice Department probe of Swiss bank UBS: Some of its wealthy US clients are owning up to offshore accounts to take advantage of the agency’s amnesty offer, the Wall Street Journal reports—a blow to the secrecy that has made... More »

Feds Indict UBS Exec on Tax Evasion Charges

Raoul Weil has headed wealth management division since 2002

(Newser) - The US Department of Justice indicted UBS’ head of global wealth management for enabling the Swiss bank’s American clients to avoid taxes, the Financial Times reports. Although authorities are only specifically pursuing Raoul Weil at this time, they hold that several senior UBS executives are “unindicted co-conspirators.”... More »

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