• Switzerland edition
 
US and EU attack Swiss in economic war: Ermotti
UBS

US and EU attack Swiss in economic war: Ermotti

Published: 23 Apr 2012 09:24 GMT+02:00
Updated: 23 Apr 2012 09:24 GMT+02:00

Switzerland's financial industry could lose 20,000 jobs in the coming years due to the "economic war" being waged by the EU and US against its top banks, the head of UBS warned in an interview Sunday.

"Switzerland has been attacked since 2008," Sergio Ermotti, the head of Switzerland's leading bank, told the SonntagsZeitung.

This was partly because it offered more favourable tax rates than its international competitors, he added.

"We are in the middle of an economic war," he said.

"The idea is to weaken the two great Swiss banks, which have seen international success," he argued, referring to UBS and Credit Suisse.

His comments came after French prosecutors on April 12th opened a probe into whether the bank had helped its French clients avoid taxes. UBS has said it is fully cooperating with French authorities in the inquiry.

In the United States, 11 Swiss banks are being investigated on suspicion that they encouraged their clients to channel undeclared assets into Swiss accounts.

The coordinated campaign to undermine Swiss finance would lead to a loss in high-value accounts, Ermotti said.

"I am expecting Swiss finance to lose around 20 percent of its jobs in the coming years, being about 20,000 jobs," Ermotti told the paper.

Switzerland has recently signed deals with Austria, Britain and Germany to toughen up penalties on tax cheats, but negotiations with Paris have stalled amid the ongoing French presidential elections.

Swiss Finance Minister Eveline Widmer-Schlumpf met with the US Attorney General Eric Holder on Saturday on the sidelines of an International Monetary Fund meeting for informal talks on the tax evasion issue.

The two sides agreed to continue to find ways to identify American taxpayers who have diverted undeclared assets into Swiss accounts, Widmer-Schlumpf said in statement.

Your comments about this article

2012-04-23 15:01:05 by HoppSuisse
Finally, the truth is told. Our politicians have betrayed us to the US. And our banking industry is over.

The problem is that the US controls the banking system. They run the IMF and SWIFT (International transfers, you can not transfer money to any nation without them knowing and recording it). The US forces us to keep a certain amount of US Dollars in reserve of the Chf if we want to be able to transfer funds. Every time they create more US Dollars they are taxing us because more Dollars means the ones in circulation are worth less = our Chf is also worth less.

The US is slowly losing control because Russia, China, India and Brasil are developing their own banking system which does not use US Dollars to trade in.

The best solution for us is to support the US Dollar by creating Chf and trading them for US Dollars which will weaken our Chf and allow easy trade with our neighbors, then use the US Dollars to buy their gold. The gold will preserve our wealth.

HoppSuisse
Today's headlines
Guinean refugee checked for Ebola virus in Vaud
View of the university hospital in Vaud's capital, Lausanne. Photo: CHUV

Guinean refugee checked for Ebola virus in Vaud

A Guinean asylum seeker has been hospitalized in Switzerland with suspected Ebola, health authorities announced in Bern on Tuesday. READ  

Swiss residents top world financial wealth list
The high life in Geneva: report notes growing inequaiity of incomes in Switzerland. Photo: Allianz

Swiss residents top world financial wealth list

Swiss residents remain the wealthiest people in the world on a per capita basis, according to a report released on Tuesday that also maintains they are the most indebted on the planet. READ  

Cyclist killed in crossing by passenger train
Passenger train from the Neuchâtel region. Photo: Swiss Federal Railways

Cyclist killed in crossing by passenger train

Neuchâtel cantonal authorities are investigating the death of a 75-year-old man who was struck by a regional passenger train while cycling in a level crossing on Monday. READ  

Bite sends Ebola virus doctor to Geneva
Geneva's university hospital (HUG). Photo: Julien Gregario

Bite sends Ebola virus doctor to Geneva

A doctor bitten by a child infected with the Ebola virus in Sierra Leone on Monday became the first person coming from an area hit by the deadly epidemic to arrive in Switzerland. READ  

Murder probed after Lake Lucerne body found
View of Stanstadd with Lake Lucerne in the background. Photo: Tilman-AB/Wikimedia Commons

Murder probed after Lake Lucerne body found

Police in the canton of Nidwalden are seeking witnesses after the suspected murder of a 36-year-old woman whose body was found in Lake Lucerne. READ  

Red Cross set to resume Sudanese aid work
Photo: Julius Kusuma

Red Cross set to resume Sudanese aid work

The Geneva-based Red Cross said on Monday that Sudan had ended a ban on its aid operations, imposed by the government in February. READ  

French court upholds €1.1-billion UBS bail
Photo: Martin Abbegglen

French court upholds €1.1-billion UBS bail

A French court on Monday upheld a 1.1-billion-euro bail payment owed by Swiss bank UBS for allegedly helping rich French clients to hide money in Switzerland. READ  

UK motorcyclist dies in mountain pass crash
Photo: Graubünden cantonal police

UK motorcyclist dies in mountain pass crash

Officers discovered the body of a 47-year-old British motorcyclist in a ravine in the canton of Graubünden after he was earlier reported missing, cantonal police said on Monday. READ  

Geneva MP seeks ban on charging for tap water
Photo: SIG

Geneva MP seeks ban on charging for tap water

A Geneva politician is pushing for a law to ban restaurants from charging for tap water — a practice currently followed by certain establishments. READ  

Valais abbey celebrates 1,500 years of history
Aerial view of Saint Maurice's abbey. Photo: Thomas Jantscher/Abaaye de Saint-Maurice

Valais abbey celebrates 1,500 years of history

Switzerland’s abbey of Saint Maurice, the oldest Christian monastery still in operation in the western world, kicked off a year of celebrations on Sunday to mark its 1,500th anniversary. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
Sponsored Article
Car insurance made easy online with St Bernard
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Business & Money
American tax evasion crackdown hits Swiss private banks' bottom line
Politics
Woman accuses Swiss politician in nude selfies scandal of lying
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,102
jobs available