The so-called Big Three banks in Switzerland announce the creation of a $71 million fund to aid Holocaust survivors and their families.
The Holocaust, also known as the Shoah, was the genocide of European Jews during World War II. Between 1941 and 1945, Nazi Germany and its collaborators systematically murdered some six million Jews across German-occupied Europe; around two-thirds of Europe's Jewish population. The murders were carried out in pogroms and mass shootings; by a policy of extermination through labor in concentration camps; and in gas chambers and gas vans in German extermination camps, chiefly Auschwitz-Birkenau, Beec, Chemno, Majdanek, Sobibr, and Treblinka in occupied Poland.Germany implemented the persecution in stages. Following Adolf Hitler's appointment as chancellor on 30 January 1933, the regime built a network of concentration camps in Germany for political opponents and those deemed "undesirable", starting with Dachau on 22 March 1933. After the passing of the Enabling Act on 24 March, which gave Hitler dictatorial plenary powers, the government began isolating Jews from civil society; this included boycotting Jewish businesses in April 1933 and enacting the Nuremberg Laws in September 1935. On 910 November 1938, eight months after Germany annexed Austria, Jewish businesses and other buildings were ransacked or set on fire throughout Germany and Austria on what became known as Kristallnacht (the "Night of Broken Glass"). After Germany invaded Poland in September 1939, triggering World War II, the regime set up ghettos to segregate Jews. Eventually, thousands of camps and other detention sites were established across German-occupied Europe.
The segregation of Jews in ghettos culminated in the policy of extermination the Nazis called the Final Solution to the Jewish Question, discussed by senior government officials at the Wannsee Conference in Berlin in January 1942. As German forces captured territories in the East, all anti-Jewish measures were radicalized. Under the coordination of the SS, with directions from the highest leadership of the Nazi Party, killings were committed within Germany itself, throughout occupied Europe, and within territories controlled by Germany's allies. Paramilitary death squads called Einsatzgruppen, in cooperation with the German Army and local collaborators, murdered around 1.3 million Jews in mass shootings and pogroms from the summer of 1941. By mid-1942, victims were being deported from ghettos across Europe in sealed freight trains to extermination camps where, if they survived the journey, they were gassed, worked or beaten to death, or killed by disease, starvation, cold, medical experiments, or during death marches. The killing continued until the end of World War II in Europe in May 1945.
The Holocaust is understood as being primarily the genocide of the Jews, but during the Holocaust era (19331945), systematic mass-killings of other population groups occurred. These included Roma, Poles, Ukrainians, Soviet civilians and prisoners of war, and other targeted populations. Smaller groups were also victims of deadly Nazi persecution, such as Jehovah's Witnesses, Black Germans, the disabled, and homosexuals.
Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland, along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.
Controversial protection of foreign accounts and assets during World War II sparked a series of proposed financial regulations seeking to temper bank secrecy to little success. Switzerland has been one of the largest offshore financial centers and tax havens in the world since the mid-20th century. Despite an international push to meaningfully roll back banking secrecy laws in the country, Swiss social and political forces have minimized and reverted much of proposed roll backs. Although disclosing criminal activities by banks, who do not enjoy a good reputation even in Switzerland, is generally well seen by the Swiss public, disclosing client information has been considered a criminal offence since the early 1900s. Employees working in Switzerland and abroad at Swiss banks "have long adhered to an unwritten code similar to that observed by doctors or priests". Since 1934, banking secrecy laws have been violated by four people: Christoph Meili (1997), Bradley Birkenfeld (2007), Rudolf Elmer (2011), and Hervé Falciani (2014).
The Swiss Bankers Association (SBA) estimated in 2018 that Swiss banks held US$6.5 trillion in assets or 25% of all global cross-border assets. Switzerland's main lingual hubs, Geneva (for French), Lugano (for Italian), and Zürich (for German) service the different geographical markets. It consistently ranks in the top three states on the Financial Secrecy Index and was named first many times, most recently in 2018. The two large banks – UBS and Credit Suisse – are regulated by the Swiss Financial Market Supervisory Authority (FINMA), and the Swiss National Bank (NSB) which derives its authority from a series of federal statutes. Banking in Switzerland has historically played, and still continues to play, a dominant role in the Swiss economy and society. According to the Organization for Economic Cooperation and Development (OECD), total banking assets amount to 467% of total gross domestic product. Banking in Switzerland has been portrayed, to varying degrees of accuracy, in overall popular culture, books, movies, and television shows.