Swiss Not Aware of U.S. Accusation Details, Pictet Tells AZ

Swiss banks need to know what the U.S. is accusing them of to be able to negotiate a solution, Nicolas Pictet, president of the Swiss private banking association and a managing partner at Pictet & Cie. told Aargauer Zeitung in an interview.

“Unfortunately we have no clue,” Pictet told the newspaper. He also said that UBS AG (UBSN) and Credit Suisse Group AG (CSGN) should split off their investment banking units from wealth management business, the newspaper reported.

To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net;