August 21, 2009

Swiss bankers will have to market the country's stability and expertise as selling points after an agreement with U.S. authorities over UBS accounts effectively ended Switzerland's days as a tax haven.Swiss bank secrecy remains only in name after the deal to disclose details of about 4,450 wealthy American clients of UBS to U.S. authorities on Wednesday, removing a major advantage for the country's wealth managers.

"This is a major victory for the U.S.," said Fox-Pitt Kelton analyst David Williams in London. "Bank secrecy is dead."Swiss National Bank data from May said Swiss banks held around 2.9 trillion Swiss francs ($2.7 trillion) in assets, and 3.9 trillion francs in custody accounts including 1.1 trillion francs held for private clients.