Switzerland gives up secrecy

UBS made public the terms of its settlement with the Internal Revenue Service after a tax-evasion investigation. The Swiss bank will give the American agency the names of 4,450 clients suspected of hiding assets in their accounts, who will be encouraged to join the IRS’s “voluntary disclosure” scheme. UBS will not be fined. Some in Switzerland fret that the deal undermines the country’s reputation for banking secrecy.