Swiss banks are regarded as part of the community, there to act as safe houses against uncertainty and guarantors of stability. It’s this that always made them attractive to foreigners long before banking secrecy was legally protected. In contrast, the banking ethos in Britain and America shifted ages ago to making money and taking risks, bringing both the bankers and the economy more wealth. That’s so very un-Swiss, but Swiss banks got sucked into this money-spinning whirlwind and have been paying the price. The head of UBS stepped down in 2011 after a rogue trader in London had lost the bank
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