Switzerland's oldest bank to close over US tax evasion

Wegelin & Co, the oldest Swiss private bank, is to close permanently after more than two-and-a-half centuries, following its guilty plea to charges of helping wealthy Americans evade tax.

4th January, 2013
Wegelin's headquarters in St Gallen, Switzerland.

Wegelin & Co, the oldest Swiss private bank, is to close permanently after more than two-and-a-half centuries, following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts.

The plea, in US District Court in Manhattan, marks the death knell for one of Switzerland's most storied banks, whose original European clients pre-date the American Revolution, the Daily Telegraph reported. It is also potentially a major turning point in a battle by...

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