A tax fraud investigation spells the end of the bank's famous secrecy. The Swiss bank has long held to the country's secrecy laws. However, testimony that bankers had pitched investors U.S. taxpayers in a scheme to avoid taxes has changed the landscape. This has placed a lot of pressure on the bank.
Yes, UBS at least has lost its veil of secrecy and has been forced into the harsh light of day. The new laws that allow the Swiss Bank to hand over records without violating their own privacy laws gives the IRS unprecedented power to investigate suspected shady offshore accounts. While the IRS' battle is hardly over, it's a step in the right direction.
UBS's tax fraud investigation does spell the end for it's famous secrecy, because their secrecy to keep their clients anonymous was what fueled their business. Their business was specifically to keep their clients information secret, since their clients went to them in the first place as to not let the government find out their assests to tax on them.
When a bank is investigated for tax fraud it is really difficult to trust what they would do with your money. I think international banks should be held to a higher standard for taxes and should take care with their clients to protect their information and their money-as most people who house large sums of money in international banks need the utmost care in handling their business.