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.
About Rachael Power
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