Swiss Banks Face Slow Death as Taxman Chases Undeclared Assets

Swiss Banks Face Slow Death as Taxman Chases Undeclared Assets

Gianluca Colla/Bloomberg

Julius Baer, Sarasin and other Swiss banks are investing onshore branch networks to retain European clients repatriating money. Compliance and regulatory costs, plus competition from local banks, mean the profit margins on those customers are lower.