Banking secrecy is dead

Sergio Ermotti, UBS’ CEO, together with Eveline Widmer Schlumpf, current Swiss President and former CEO, Marcel Ospel.

Sergio Ermotti, CEO of UBS, posing as the Mr Clean of the Swiss finance, tried to justify in a recent interview (http://www.tdg.ch/economie/Le-secret-bancaire-comme-il-y-a-dix-ans-c-est-fini/story/13260998), the lay-offs by UBS, which would in fact be due to the Savings Tax Directive, but forgetting about the “contribution” of UBS since 2007, previously managed by Marcel Ospel. Mrs Eveline Widmer Schlumpf, current President of Switzerland, applauses in an earlier interview of today, these layoffs as well as the fact that the Swiss finance is progressively shrinking  (http://www.tdg.ch/economie/eveline-widmerschlumpf-salue-suppressions-postes/story/24421271).

 

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