Tax deals may cost Swiss £160bn

Swiss banks could see assets from western European clients fall 28 per cent because of deals to tax undeclared accounts, potentially forcing the industry to cut up to 15,500 jobs to stay profitable, the Boston Consulting Group (BCG) said yesterday. In its annual global wealth report BCG said that western European assets booked in Switzerland could fall SwFr248bn (£165.8bn) to SwFr623bn by 2014.