From nations' pride to shame
2010-07-20
Not long ago the Swiss people were proud about their 2 largest banks. They were the symbol of the country's globally admired values such as solidity, secrecy and seriousness. This attitude has changed dramatically after a series of reputation crises which had their latest peak in UBS' handing over date of Private Banking clients to U.S. tax authorities and Credit Suisse offices raided by German Tax officials. After having cold-shouldered the domestic market for years UBS and CS are now courting again small Swiss savers. In vain - Swiss have lost their trust in the big banks as the new reputation barometer shows where UBS ranks last. Both Swiss and British nationalists can be happy that their nations' former leading brands are reduced to an acronym. UBS respectively BP.