Zeltner predicted that his own company would see an outflow of at least 12-30 billion Swiss francs (US$12.8-US$31.9 billion), though he emphasized how the company was making up for lost assets by attracting clients from emerging centers like Hong Kong, Singapore, Brazil, Mexico, Turkey and Russia.
"As a consequence of the realignment of the financial centre and the planned withholding tax, we assume that a total of hundreds of billions of francs will flow out of Switzerland," he told the Schweizer Bank magazine.
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Zeltner’s comments come just days after Credit Suisse said it expected clients in western Europe to withdraw up to US$37 billion in the next few years due to pressure on the tax issue.
In an attempt to win back wealthy clients Switzerland struck deals with Britain and Austria to tax their citizens’ accounts and are hoping for accords with Italy and Greece.
UBS paid some US$780 million to the US in 2009 to settle criminal charges, while Credit Suisse has reportedly set aside CHF295 milliion to cover any potential tax settlement.
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