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.