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The Swiss flag flutters in front of the headquarters of Credit Suisse in Zurich. The bank is reported to be near resolving a U.S. tax evasion case with a settlement that could exceed the $1-billion (U.S.) set aside to deal with such litigation.
The Swiss flag flutters in front of the headquarters of Credit Suisse in Zurich. The bank is reported to be near resolving a U.S. tax evasion case with a settlement that could exceed the $1-billion (U.S.) set aside to deal with such litigation.
(ARND WIEGMANN/REUTERS)

Swiss banks raise the white flag over secrecy

Pity the poor Swiss banks. Global powerhouses UBS and Credit Suisse Group emerged battered and bleeding from the global financial meltdown. Steep losses forced them to make deep cuts and abandon some of the more lucrative global trading and investment activities that got them into deep trouble in the first place.