Swiss Banking Group Says New Tax to Crimp Margins, FuW Reports

The Swiss Bankers Association expects the cost of implementing new withholding taxes to put pressure on margins, Finanz und Wirtschaft reported, citing an interview with Chief Executive Officer Claude-Alain Margelisch.

While the new fiscal regime will result in outflows of client funds, it will add legal certainty and increase the attractiveness of Switzerland’s financial center, Margelisch was cited as saying.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

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