Facing Tax-Haven Crackdown, Swiss Bankers Avoid Travel

By STEPHEN FIDLER LONDON — Swiss private bankers are becoming wary about traveling abroad, underscoring how hard a global crackdown on tax avoidance is hitting the discreet business of providing banking services to the wealthy. UBS AG, the world’s largest manager of private wealth by assets, has barred “client-facing” staff in its wealth-management divisions from traveling abroad — a move aimed at avoiding further trouble for the bank, which has had two bankers arrested as part of a continuing U.S. investigation into tax fraud. At the same time, other private bankers in…

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