This article from the FT concentrates on some impacts that the tax dispute between the Swiss Banks and the USA.
The US Program, an agreement between Switzerland and the USA to facilitate the settlement of the tax dispute, incurs high cost for financial institution. As a consequence the market is bound to consolidate in the coming years.
The disappearance of the banking secrecy and the high cost of tax compliance in various jurisdictions, together with the need for better investment performance and advice, pushes for further consolidation of the Swiss private banking sector.
However, the Swiss Banks still boast a number of advantages such as high levels of capitalization by international standards, the Swiss political and legal stability, and the strength of the Swiss currency.