Secrecy

Swiss Bankers Grounded

American bankers are complaining about their bonuses, but check out Switzerland: The Financial Times reports “Switzerland’s private banks have started to ban their top executives from travelling abroad, even to neighboring France and Germany, because of fears they will be detained as part of a global crackdown on bank secrecy.” The FT doesn’t disclose which bank its sources works for, but last year a senior private banker from UBS was detained in the United States as part of a federal tax investigation.