Swiss Banking Reputation Takes a Hit

In 2021, Swiss banks held over $2.4T in offshore money.

Switzerland is known for separating politics and business with ironclad secrecy laws and legal structures.

But the Swiss authorities’ moves risk eroding trust in its banking system — which Switzerland’s economy heavily depends on.

“A zombie is gone but a monster is born.”

The combined Swiss banks make it as large as Goldman Sachs and Deutsche Bank.

• Swiss lawmaker Roger Nordmann said, “the new UBS is also another massive risk… it’s simply too big for Switzerland.”
• Swiss authorities already bailed out UBS in 2008 — when many international banks were collapsing.

UBS was too big to fail. The stakes just got even higher.