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11 Swiss banks may disclose names, pay billions to settle with IRS

Banks likely to settle with U.S. after probe into offshore tax evasion

Chalk one up for everyone’s best friend, the Internal Revenue Service (IRS). Reports surfaced today that 11 Swiss banks are expected to settle a massive U.S. probe into offshore tax evasion.

Officials from both nations are wrapping up negotiations after the U.S. Department of Justice (DOJ) had launched a probe into a number of Swiss banks, including UBS AG and Credit Suisse Group AG—the two largest Swiss banks—for potentially facilitating tax evasion by U.S. citizens and hiding money from the IRS.

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