Swiss bank Wegelin to close after US tax evasion

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Switzerland's oldest bank is set to close after pleading guilty in a New York court to helping Americans avoid taxes. 

The US district court in Manhattan heard how Wegelin helped US citizens avoid at least $1.2bn in taxes for almost a decade. 

The bank was founded in 1741, making it 272-years-old or the 13th oldest bank in the world.

The bank has agreed to pay the US $57.8m (£36m) in fines and compensation after admitting the charges of conspiracy between 2002 to 2010. 

Wegelin managing partner Otto Bruderer told the court the bank knew what it was doing was wrong.

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