SNB's Jordan says Fed fines raise ‘fundamental' questions for Swiss banking

Thomas Jordan

Swiss National Bank (SNB) chairman Thomas Jordan today said the Swiss banking sector had to respond to a "worldwide change in values" with regards to bank secrecy, after a US court hit Credit Suisse with a record $2.6 billion penalty for helping US clients evade taxes by hiding assets overseas.

The Swiss bank was fined yesterday after pleading guilty to engaging in a "wide-ranging conspiracy" to help US taxpayers file false income tax returns. Credit Suisse was ordered to pay the Federal Reserve

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: