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Switzerland's banks to lose billions on tax crackdown

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of tax crackdowns by the UK and German governments.
Swiss banks will likely lose billions on tax crackdown by the UK and Germany

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of a tax crackdowns by the UK and German governments.

Based on interviews with senior wealth management experts in Switzerland, the report also said that private banks will also lose around €1 billion in revenues as clients with offshore assets start withdrawing their money.

But some reckon that the tax treaties signed with the UK and Germany will benefit the Swiss financial sector in the long run.

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