Swissinfo sees the verdict as a setback for the US Department of Justice (DoJ). The indictment of other bankers might look lighter following the jurors’ decision.

However, the verdict did not absolve the Swiss financial center and more pressure might now be put on banks as the DoJ continues its track on offshore banking. “This decision will not impact the department’s ongoing commitment to holding offshore tax evaders and those who aid them accountable,” DoJ spokeswoman Nicole Navas said in an email.