Brussels, 02/04/2014 (Agence Europe) - Ending banking secrecycould cost Luxembourg some €15 billion in terms of assets under management and some 2,000 jobs, according to research from Luxembourg's national statistics body Statec, published on Tuesday 1 April.
Statec says some 800 jobs could be lost in the banking sector from the rise in administrative costs due to the introduction of automatic exchange of bank information alone. The research does not include losses due to the flight of...