Inside views on the jobs market
from Summit Notebook:
By Neil Chatterjee
The U.S. has promised it will hunt down tax evaders.
And it seems tax evaders are on the run.
DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
Is this the end of offshore private private banking?
Die-hard UBS investors who have stayed with the bank through thick and thin are hoping new boss Oswald Gruebel (sitting) will return the Swiss icon to its former splendour thanks to a bitter medicine of thousands of new layoffs and heavy cost cuts announced on Wednesday.
But their patience is running out.
"The only reason why we are still with UBS is because hope dies last. But if this carries on, we will not tolerate it anymore," said Blandina Heyne, a UBS investor for seven years, as she and her husband came to attend the bank's annual general meeting in Zurich.
from Global Investing:
Bankers are having a rough time of it lately. It is not just that their companies are collapsing beneath them and their bonuses are the subject of global hate and derision. They also have to put up with the barbs of journalists (who are very familiar with being at the bottom of the popularity pile).