According to Reuters UBS expects Swiss banks to see European
clients withdraw "hundreds of billions of francs" as a result of
steps to stop foreigners using secret accounts to evade taxes.
Juerg Zeltner, head of UBS wealth management, reiterated an
estimate he gave in May that Switzerland's biggest bank could see outflows of
12-30 billion Swiss francs ($12.8-31.9 billion) from total European assets
under management of over 300 billion……
"As a consequence of the realignment of the financial
centre and the planned withholding tax, we assume that a total of hundreds of
billions of francs will flow out of Switzerland," he told the Schweizer
Bank magazine in an interview on Monday.
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