Word: switzerland
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Dates: during 1990-1999
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...Swiss institutions, the private-banking industry didn't exist until the 1980s. Citibank predicted early this year that it would reach $1 trillion--that's trillion with a T--in private-banking assets by the year 2010. And it faces some 4,000 competitors, from global dreadnoughts like Switzerland's UBS to secretive banks in the tiny principality of Andorra to brokerages in Miami and accountancy firms in the Channel Islands...
...most large banks and brokerages in the western hemisphere have moved into some form of private banking, with Citibank using its peerless retail network to develop business among local elites around the world. Most of the private-banking departments offer trusts and accounts in Switzerland, the Caymans and other havens with tight bank-secrecy laws. (An ad for Citibank's Monaco private bank touts its "trust companies and private investment companies in the U.S., Bahamas, Cayman Islands, Jersey or Switzerland" that "can give the client confidence that their assets are held...in a way that is both tax-efficient...
Demands for justice from Holocaust survivors like Lee are steadily mounting. In August, Switzerland's two largest banks agreed to pay $1.25 billion to settle wartime claims against them. Since then no fewer than 10 class actions have been filed against European companies that do business in the U.S. Some of these are claims for individual accounts confiscated by banks in Germany and Austria. Others charge that major corporations such as Krupp, Volkswagen and Daimler-Benz profited from slave labor during the wartime years and should pay billions in back wages and other compensation. The issue of Holocaust reparations...
...word from Washington correspondent Adam Zagorin that the General Accounting Office was releasing a report on Citibank's relationship with an accused murderer. For four months, Gwynne, a former banker and TIME's Austin bureau chief, had been investigating private banking, traveling around the U.S. and to Switzerland to track down money trails, so he rushed back to Austin to begin writing. "This story evolved in a perfect way," he says. "We researched a good idea for months, and when a news peg finally came, we were able to seize on it, offering readers the latest information along with...
After studying in Switzerland and Germany, the cosmopolitan young Morgan arrived on Wall Street in 1857, serving as agent for his father Junius Spencer Morgan, who had taken over a London merchant bank. Though Pierpont participated in refinancing the Civil War debt in the 1870s, he acquired true imperial status in underwriting America's railroads...