Swiss banking culture has been under assault, particularly from the United States government, which has had it with the haven for tax cheats and other miscreants.
It’s gotten so bad that several Swiss banks have banned their top executives from travelling out of fear that they’ll be arrested. The FT, which reported the news, doesn’t name any of the banks that have instituted this policy, though it specifically notes that UBS (UBS) is not one of them. UBS, of course, has been under assault for helping Americans avoid paying taxes.
The fear of arrest calls to mind online gambling execs from countries where it’s legal getting arrested in the US upon arriving here, as was happening a few years ago.