Swiss Banks Lost $383 Billion Funds Amid Probes, PwC Says

Banks in Switzerland lost 350 billion Swiss francs ($383 billion) from foreign clients over the past six years amid an international crackdown on offshore tax evasion, according to PricewaterhouseCoopers AG.

Foreign clients withdrew as much as 100 billion francs to pay fines to governments in their countries of residence, PwC said today in its Swiss private banking study. About 250 billion francs was repatriated or transfered to another financial center, according to the document.