106 Swiss banks signed up under Category 2 for the US Program at the end of 2013, but a number of them are considering leaving this category or even leaving the US Program all together. This is the case of Barclays Bank (Suisse) SA who announced yesterday that it was leaving the US Program “Following a structured review of their U.S. related accounts, it was determined that continued participation in the program was not warranted.” as reported by the Wall Street Journal. Further banks might follow.

Michael Ambuhl, the former official who led negotiations for the Swiss government on the US Program, warns “I hope that those who intend to drop out now have good reasons.”