Tax deals may cost Swiss 248 bln Sfr assets -study
Category: Offshore Banking, Uncategorized
* Western European assets seen down at 623 bln Sfr by 2014
* Switzerland to remain world's biggest offshore centre, for now
* Singapore, Hong Kong could overtake Swiss in 15-20 years
* Banks need to cut 15,500 jobs to stay profitable
By Emma Thomasson
ZURICH, May 31 (Reuters) - Swiss banks could see assets from western European clients fall 28 percent because of deals to tax undeclared accounts, potentially forcing the industry to cut up to 15,500 jobs to stay profitable, the Boston Consulting Group said.
The BCG predicted in its annual global wealth report on Thursday that western European assets booked in Switzerland could fall 248 billion Swiss francs ($256 billion) to 623 billion by 2014.
"We see a shock in terms of assets from western Europe," Matthias Naumann, BCG Switzerland chief executive, told a news conference. "The Swiss banking landscape is facing its biggest transformation in 250 years."
After mounting criticism of its tradition of bank secrecy, Switzerland has agreed to clamp down on foreign tax evaders who have stashed their wealth in Swiss accounts.
It has signed deals with Austria, Britain and Germany, to levy punitive taxes on undeclared assets held in its banks and a withholding tax on future client income that are due to come into force in 2013. Similar agreements with Greece, Italy and other European countries could follow.
Excerpt from:
Tax deals may cost Swiss 248 bln Sfr assets -study
Related Posts
- Thomas Pritchard and Kenneth Morris Join Imperial Capital to Head Its Energy Sector Investment Banking Practice - June 2nd, 2012 [June 2nd, 2012]
- Zimplats' bank freeze lifted - May 31st, 2012 [May 31st, 2012]
- Zimplats banking ban lifted - May 30th, 2012 [May 30th, 2012]
- NZX follows offshore leads to rise - May 30th, 2012 [May 30th, 2012]
- Westpac to develop technology in-house - May 28th, 2012 [May 28th, 2012]
- Lloyds TSB Appoints May Hooper to Senior Relationship Manager - May 25th, 2012 [May 25th, 2012]
- Austria, Luxembourg frustrate EU plans to fight tax evasion - May 15th, 2012 [May 15th, 2012]
- Offshore bank accounts: no Americans allowed - May 15th, 2012 [May 15th, 2012]
- INDIA's GAAR: OFFSHORE, Mea Culpa - May 12th, 2012 [May 12th, 2012]
- Expat rates: as one door shuts, another remains ajar - May 9th, 2012 [May 9th, 2012]
- Offshore Merger And Acquisition Activity Rises - May 9th, 2012 [May 9th, 2012]
- ANZ Posts Record First-Half as Offshore Ops Grow - May 2nd, 2012 [May 2nd, 2012]
- ANZ Bank First-Half Profit Rises 10% as Offshore Earnings Surge - May 2nd, 2012 [May 2nd, 2012]
- Eight Places Where Americans Can Still Bank Offshore - April 28th, 2012 [April 28th, 2012]
- Fantino calls in Mounties to probe 'mudslinging' over offshore accounts - April 28th, 2012 [April 28th, 2012]
- Offshore Savings Accounts - Should you Open One? - April 23rd, 2012 [April 23rd, 2012]
- Reserve Bank warns public - April 19th, 2012 [April 19th, 2012]
- Who profits from killing Pluto? - April 1st, 2012 [April 1st, 2012]
- Lawsuits test UBS advice on offshore bank accounts - March 31st, 2012 [March 31st, 2012]
- Jersey tops offshore finance centre poll again - March 28th, 2012 [March 28th, 2012]
- U.S. Tax-Evasion Probes Said to Slow as Prosecutors Transfer - March 27th, 2012 [March 27th, 2012]
- STOCKS NEWS SINGAPORE-See Hup Seng up on offshore drilling acquisition - March 26th, 2012 [March 26th, 2012]
- NZ stocks down on offshore weakness - March 23rd, 2012 [March 23rd, 2012]
- Online Payday Lenders: Consumer Ripoffs by Offshore Corporations - March 21st, 2012 [March 21st, 2012]
- Government urged to hunt offshore scammers - March 20th, 2012 [March 20th, 2012]
- EU considers new controls for shadow banking - March 20th, 2012 [March 20th, 2012]
- Growing across borders - March 18th, 2012 [March 18th, 2012]
- German Offshore Wind Pioneer Bard Sees Takeover Within 12 Weeks - March 16th, 2012 [March 16th, 2012]
- Walkers Advises On Offshore Aspects Of Russian 'Superbank' Merger - March 16th, 2012 [March 16th, 2012]
- Offshore Aspects Of Russian 'Superbank' Merger - March 16th, 2012 [March 16th, 2012]
- Professor K.C. Chan, Secretary for Financial Services and the Treasury, Invites New York's Financiers to Sample the ... - March 15th, 2012 [March 15th, 2012]
- Halul Offshore secures QR220mn, 8-year ship financing from SMBC - March 15th, 2012 [March 15th, 2012]
- Offshore bids price Canadians out of housing market - March 15th, 2012 [March 15th, 2012]
- Chatham Rock secures 2012 funding, offshore listing delayed - March 14th, 2012 [March 14th, 2012]
- Zubkov Seeks Offshoring Crackdown - March 14th, 2012 [March 14th, 2012]
- The Members - Offshore Banking Business - Video - March 13th, 2012 [March 13th, 2012]
- AIB honoured at offshore bank awards - March 12th, 2012 [March 12th, 2012]
- Switzerland offshore tax deal criticised by MPs - March 11th, 2012 [March 11th, 2012]
- Westpac NZ chief heads offshore - March 9th, 2012 [March 9th, 2012]
- Zimbabwe: Offshore Accounts - Banks Defy RBZ - March 9th, 2012 [March 9th, 2012]
- Union says Westpac to cut staff - March 7th, 2012 [March 7th, 2012]
- Westpac to move more jobs offshore - March 7th, 2012 [March 7th, 2012]
- Westpac sends more jobs offshore - March 6th, 2012 [March 6th, 2012]
- Here's How The IRS Plans To Track Secret Offshore Accounts - March 5th, 2012 [March 5th, 2012]
- Expanded Offshore "Cash Pool" Needed To Internationalize China's Yuan: Expert - March 3rd, 2012 [March 3rd, 2012]
- Hercules Offshore Appoints Son Vann and John Wasmuth - March 3rd, 2012 [March 3rd, 2012]
- Hercules Offshore Welcomes New VPs - March 3rd, 2012 [March 3rd, 2012]
- BW Offshore: Successful placement of bond - March 3rd, 2012 [March 3rd, 2012]
- Hercules Offshore Announces Officer Appointments - March 3rd, 2012 [March 3rd, 2012]
- JPMorgan China Clients Seeking Financing Abroad Rises to Record, Fang Says - March 2nd, 2012 [March 2nd, 2012]
- BW Offshore: New contemplated bond issue - March 2nd, 2012 [March 2nd, 2012]
- Banks can only blame themselves - February 28th, 2012 [February 28th, 2012]
- Tax on local vessels needs review - February 28th, 2012 [February 28th, 2012]
- Credit Suisse Private Banking Presents "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company ... - February 28th, 2012 [February 28th, 2012]
- Isle of Man: offshore saving news roundup - February 27th, 2012 [February 27th, 2012]
- BLME Signs Islamic Banking Deal With Global Marine for Wind - February 22nd, 2012 [February 22nd, 2012]
- Banking sector hits back at critic - February 21st, 2012 [February 21st, 2012]
- Banking sector hits back at critics - February 21st, 2012 [February 21st, 2012]
- Anastasia's Pricing and Easy Financing - Sustainable Profit SHARING Communities - Video - February 21st, 2012 [February 21st, 2012]
- Expat rates: reasons to be cheerful - February 17th, 2012 [February 17th, 2012]
- Dump banks that sack staff, NSW government urged - February 16th, 2012 [February 16th, 2012]
- Hornbeck Offshore Appoints New Board Member - February 16th, 2012 [February 16th, 2012]
- Hornbeck Offshore Announces Appointment of New Director - February 16th, 2012 [February 16th, 2012]
- Banking system should work for all: Swan - February 15th, 2012 [February 15th, 2012]
- Offshore wind farms face hurricane risk - February 15th, 2012 [February 15th, 2012]
- Research and Markets: Wealth Management in Asia's Offshore Centers: Hong Kong and Singapore - February 14th, 2012 [February 14th, 2012]
- Why rich stash cash offshore - February 14th, 2012 [February 14th, 2012]
- Why the Rich Are Really Moving Cash to the Caymans - February 14th, 2012 [February 14th, 2012]
- Treasury Proposes Easing Offshore Bank Tax Compliance Burden - February 14th, 2012 [February 14th, 2012]
- Banking Industry Agrees Offshore Yuan Processing Guidelines - February 14th, 2012 [February 14th, 2012]
- Suncorp to send 65 more jobs offshore: FSU - February 13th, 2012 [February 13th, 2012]
- Suncorp to send 65 more jobs offshore - February 13th, 2012 [February 13th, 2012]
- U.S. Seeks to Ease Offshore Bank Compliance Rules - February 13th, 2012 [February 13th, 2012]
- Broadband to speed trend of sending service jobs offshore - February 13th, 2012 [February 13th, 2012]
- DealBook: UBS Profit Falls 76% on Loss in Investment Banking - February 8th, 2012 [February 8th, 2012]
- Mittens: Mr. Offshore - Video - February 7th, 2012 [February 7th, 2012]
- Scot Wids to re-enter IFA annuity market and exit offshore bonds - February 7th, 2012 [February 7th, 2012]
- Lloyds Banking Group Announces Four Site Closures & Redundancy Of The Jobs Of More Than 1,000 Staff - February 7th, 2012 [February 7th, 2012]
- Julius Baer ready to pay fine to avert U.S. probe - February 7th, 2012 [February 7th, 2012]
- Big four banks 'may cut more jobs' - February 5th, 2012 [February 5th, 2012]