SNB's Jordan says Fed fines raise ‘fundamental' questions for Swiss banking
Credit Suisse expects "no impact" on operational or business capabilities
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
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