Swiss mega-bank UBS could collapse if the U.S. plays hardball with its tax fraud investigations.If true, it’s a pretty sad admission about the state of UBS right now. Perhaps the end is near for the ‘Swiss model’ of banking, by which we mean Swiss tax evasion services.
“The actions of UBS in the United States are very problematic. Not just because they are punishable but also because they threaten all of the bank’s activities,” Eveline Widmer-Schlumpf told Le Matin Dimanche newspaper.
“The Swiss economy and the job market would suffer on a major scale if UBS fails as a result of its licence being revoked in the United States,” she said.
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