Swiss banks lose $383bn in deposits in offshore tax evasion crackdown

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Clients withdrew cash in order to pay fines in their countries of residence.

Bloomberg News reports that banks in Switzerland lost $383bn from foreign clients over the past six years amid an international crackdown on offshore tax evasion, according to PricewaterhouseCoopers AG.

Foreign clients withdrew as much as $109.2bn to pay fines to governments in their countries of residence, PwC said on Wednesday in its Swiss private banking study. About $273bn was repatriated or transfered to another financial center, according to the document.

'The Swiss private banking center has faced enormous challenges since 2008,' PwC said. 'The banks will be able to attract net new money if they succeed in bringing regularized assets back to Switzerland by emphasizing their high-quality service and strong performance.'

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Swiss Banks Lost $383 Billion Funds Amid Probes, PwC Says

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