Study: Swiss banks could lose $1.2B from tax deals
GENEVA—A study by consultancy firm Booz & Co. claims Swiss banks stand to lose 1.1 billion Swiss francs ($1.2 billion) in annual revenue because of new deals to crack down on tax evasion.
The Booz study says clients will likely withdraw some 47 billion francs ($51 billion) from Switzerland's financial sector after Bern signed new tax agreements with Germany and Britain.
The report released Tuesday predicts that Switzerland's private banking industry will shrink but benefit from the stability afforded by the two agreements.
The Swiss government has been eager to improve its cooperation with other countries to avoid being blacklisted as a haven for tax cheats.
Last year Switzerland's financial sector managed foreign assets totaling 2.05 trillion francs ($2.2 trillion).