The reputation of Swiss banking has taken a battering for years and the hits keep coming.
The latest slew of stories about Credit Suisse Group AG’s links with unsavory clients highlights again the very long tail on what the bank says are entirely historic issues.
Cleaning up Swiss banks’ client base and the industry’s standing in the world is an ongoing effort. Inter-governmental transparency on taxes has improved and anti-money laundering practices are sharper, but there will always be great risks in helping very rich people keep fortunes outside their own countries.
