UBS : chief says Swiss government is leaving banks exposed

Switzerland’s politicians have done too little to protect the country’s banks from demands for data from foreign governments, UBS Chief Executive Sergio Ermotti said in an interview published by the SonntagsZeitung newspaper on Sunday.

Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities investigating Swiss banks in Germany, France and the United States.

But Switzerland’s attempts to negotiate with other governments have not provided legal certainty or closed the book on issues of the past, Ermotti said.

“This is unacceptable and opens the door for a new offensive against Swiss banks,” he told the paper, adding that the government had been too ready to hand over customer data and that it is perhaps too late to get a better deal after years of negotiations.

“On some issues, the train has left the station,” he said.

Read on.

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