Excerpt taken from WRS webpage.
The governments of Switzerland and the U.S. are preparing to enter into a deal that would impose billions of dollars in fines on Swiss banks and disclose more American tax evaders, according to a report. The agreement would allow banks already being investigated to avoid prosecution, the Reuters news agency says. Some of those banks may include Swiss financial institutions currently facing scrutiny, such as Credit Suisse, Julius Baer and Basler Kantonalbank. But the deal may set a global precedent and take in other European based banks, including HSBC.