Wegelin Clients Pulled $4 bln, Prompting Sale-paper

By Reuters

  • Clients pulled some 4 bln Sfr of wealth in short time

  • Ex-UBS CEO Gruebel: More US attacks on Swiss banks likely

  • Gruebel: Solution to US tax row will likely be pricey
    ZURICH, Jan 29 (Reuters) – The break-up of Switzerland’s oldest bank Wegelin, involved in a row with U.S. authorities over tax cheats, became necessary when clients pulled 4 billion Swiss francs ($4.35 billion) of wealth, Der Sonntag newspaper reported on Sunday, citing unspecified sources.

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