A global clampdown on tax evasion, led by U.S. law authorities, has transformed the banking industry in Switzerland. Without its famed reputation for secrecy, wealthy foreigners no longer see it as a haven to hide their money. So how have Swiss banks adapted? CNBC’s Tom Chitty is joined by Geoff Cutmore to explain.
Contents of this video:
0:00 - Intro
1:11 - How Swiss banking has changed
1:37 - Swiss bank secrecy and success
3:20 - Swiss banking's downfall
3:55 - Repercussions
4:41 - The impact
5:01 - New markets
6:24 - Have things really changed?
8:37 - Is this the end of Swiss banking?
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