Oldest Swiss bank to close after guilty plea
The oldest Swiss bank, Wegelin, said it would soon shut its doors permanently after more than two and a half centuries of its existence as a private lender, Deutsche Welle reports.
The announcement came after the bank pleaded guilty in US District Court in Manhattan to a string of charges of assisting Americans in evading taxes though secret accounts. The move marked a turning point in a battle by US authorities against Swiss bank secrecy.
“Once the matter is finally concluded, Wegelin will cease to operate as a bank,” the lender said in a statement released by its headquarters in St. Gallen.