A global clampdown on tax evasion, led by U.S. law authorities, has transformed the banking industry in Switzerland. Without its famed reputation for secrecy, wealthy foreigners no longer see it as a haven to hide their money. So how have Swiss banks adapted? CNBC’s Tom Chitty is joined by Geoff Cutmore to explain.
Contents of this video:
0:00 – Intro
1:11 – How Swiss banking has changed
1:37 – Swiss bank secrecy and success
3:20 – Swiss banking’s downfall
3:55 – Repercussions
4:41 – The impact
5:01 – New markets
6:24 – Have things really changed?
8:37 – Is this the end of Swiss banking?
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