No bailout for Swiss banks

City A.M. Reporter
THE Swiss National Bank would not rescue banks made insolvent by fines for US tax evasion probes, the central bank’s chairman said yesterday.

“It is not the [SNB]’s job to save banks if they are insolvent,” Thomas Jordan told the Schweiz am Sonntag newspaper in an interview. The banks involved could face fines totalling billions of dollars.