Swiss Banks Under Pressure Over Tax Regulations, Odier Tells NZZ

Swiss banks are under great pressure’’ to conform to tax laws, Neue Zuercher Zeitung reported, citing Swiss Bankers Association Chairman Patrick Odier.

Odier added in an interview that it was understood that a company that operates in a “grey area” has no future. Domestically-focused institutions also have suddenly found themselves in a situation that previously was perceived as a problem for big banks, the newspaper cited him as saying.

He also told NZZ his goal is to preserve banking jobs in Switzerland and prevent banking business from moving abroad.

The official expressed regret that some Swiss banks took on clients from UBS AG (UBSN) and said that Bank Wegelin & Co. clearly acted contrary to the strategy of the financial center if the indictments prove to be true, NZZ reported.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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