One of the oldest Swiss bank, announced its closure

Switzerland's oldest private bank Wegelin & Co announced the termination of its activity after more than two and a half centuries of work. Business Insurance
The decision became known after the judicial hearing in New York, the administration of the Bank recognized assist clients with U.S. tax evasion. It appears that the process for the last 10 years, these "services" were provided to more than a hundred American citizens. Bank agreed to pay a fine in the amount of Washington's nearly $ 60 million.

Wegelin & Co, which was founded in 1741 and is based in St. Gallen, became the first foreign bank that agreed with the charges brought against him in the United States to avoid charges of tax.