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"The bank wilfully and aggressively jumped in to fill a void that was left when other Swiss banks abandoned the practice"

Business quote of the day.

The country’s oldest bank will pay $57.8m in fines to US authorities. Photograph: Getty Images

"The bank wilfully and aggressively jumped in to fill a void that was left when other Swiss banks abandoned the practice due to pressure from US law enforcement"

US Attorney Preet Bharara criticises Swiss bank Wegelin, which decided to close permanently after pleading guilty in a New York court to helping wealthy Americans evade taxes. The country’s oldest bank will also pay $57.8m in fines to US authorities.