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3. DOJ's Sword of Damocles
Several so-called first category firms including the cantonal banks of Basel and Zurich, HSBC's private bank in Switzerland, and Pictet & Cie, are waiting to settle a long-running criminal probe of their dealings with U.S. clients.
The Department of Justice-brokered deals are sure to cost hundreds of millions, but negotiations have gone quiet since Donald Trump's election as president. The acquittal of Swiss banker Stefan Buck late last year bodes well for the banks, U.S.-Swiss lawyer Daniel Wuersch said in an interview with finews.com. The banks will be hoping to settle swiftly in 2018, if not cheaply.
