The Swiss banking industry appears to be in a crisis as outlined in this BBC article:
In Zurich’s central square trams rumble past the tourist stalls doing a gentle trade in Swiss souvenirs.
But while local chocolate, miniature cuckoo clocks and pen knives are still proving popular in the summer sunshine, another icon of Swiss identity is desperately trying to hold onto its good name.
As the credit crunch has bitten over the past year, the country’s two largest banks, UBS and Credit Suisse, have between them been forced to write down almost $50 billion (£25bn).
For a country that has built its name on its cautious and dependable nature, the events of the last 12 months have come as a shock to many in Switzerland. Read more….
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