More Swiss banks to close, experts predict


Many more Swiss banks are likely to close from next year as US authorities continue to investigate tax evasion, with the former head of the US Internal Revenue Service (IRS) investigation into UBS reaffirming the agency's commitment to pursuing offshore tax evasion.

Since 2009, the IRS has been investigating tax schemes for high-net-worth US citizens at 14 Swiss private banks. Two – Wegelin and Bank Frey – have closed their doors in the last year as a result of large fines and reputational

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here