As its name indicates, Deutsche Bank is not a Swiss bank. But it does have a Swiss banking unit, for the same reason every other bank has a subsidiary in a country home to fewer people than New York City, which is the reason why said country of eight million people living on top of mountains has exactly one notable industry: banking. Historically speaking, the kind of banking that means you might not have to pay taxes.
Of course, this sort of banking has run into some troubles, recently, not least of all from Deutsche Bank’s home country. And without Angela Merkel’s willingness to throw down á la François Hollande with Barack Obama, and frankly without much risk to itself, the Frankfurters aren’t putting up a fight.
Deutsche Bank AG ’s Swiss unit has entered a U.S. Justice Department self-reporting program for banks that believe they may have helped Americans evade taxes, according to people familiar with the matter….
Deutsche Bank’s Swiss business has around 13,000 clients in total, though the number of U.S. clients is insignificant, a person familiar with the matter said.