UBS chief urges reform of Swiss banking rules

Oswald Gruebel has urged changes to Swiss banking rules in an effort to uncover suspected tax evaders.

In an interview with newspaper Finanz und Wirtschaft, the new CEO of UBS said Switzerland's secrecy laws need to be reformed to ease political pressure, according to The Associated Press

Germany, Britain and the US are lobbying for Switzerland to become more transparent and work with with foreign tax investigators.

'It's questionable whether we can continue to hide tax evaders behind banking secrecy,' he said.

Further Reading:

UBS blames system error for £21bn rogue trade

Darling's dig at Swiss banking 'secrecy'