7. U.S. Fines and One Deal Too Many

UBS for years helped rich Americans avoid paying taxes – a practice that caused a massive damage to Swiss business interests in the world’s largest economy. Former UBS private banker Bradley Birkenfeld turned whistle-blower following a pay dispute with his employer – making public the cases of tax avoidance. After drawn-out negotiations between the U.S., the Swiss government and UBS, the bank was forced to hand over documents regarding its business with 4,500 clients and it had to pay $780 million as a fine.

The deal prompted an unprecedented hunt directed against other Swiss banks with business in the U.S.

8. The End of Banking Secrecy – the Wrong Signal

With its famed banking secrecy laws, Switzerland had the perfect instrument to provide foreign tax cheats with an asylum for their assets for the best of seven decades. The Swiss financial market became the biggest and most important offshore center. The system was based on Switzerland’s distinction between tax fraud and tax avoidance – providing legal assistance only in cases of fraud.

The government caved in to demands from abroad in 2009, ending protection for foreign customers. For a great many customers of Swiss banks, this was a massive breach of trust.

9. The Demise of the Oldest Bank in the Country

Konrad Hummler, a private banker from eastern Switzerland, was once the most prominent face of Swiss banking. He told off big banks for their practice to turn bad debt into good debt. At the height of his fame, the Bank Wegelin partner drew huge crowds for speeches in which he criticized his peers at the large corporations.

He demanded not to bank with the U.S. anymore, but accepted assets of tax avoiders at the same time. Hummler and Wegelin famously underestimated the U.S. judiciary: Switzerland's oldest bank was caught up in the tax investigation and had to shut its doors as a consequence.

The miscalculation of Hummler was widely commented and the private banker later was forced to admit that the world was smaller than he had thought.