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Amid Crackdown, Swiss Banks Rethink

ST. GALLEN, Switzerland—A successor is rising from the ashes of Wegelin & Co., Switzerland's oldest bank and the target of a U.S. legal takedown for aiding tax evasion by Americans.

Behind the walls of an elegant villa about an hour east of Zurich, Notenstein Private Bank, which acquired a chunk of Wegelin's business, is plotting a new business strategy that is different from its mainstay of managing money for wealthy foreigners.

Notenstein's transition highlights a broader sea change among Switzerland's private banks, which have been roiled by a global crackdown on tax evasion. Many banks must deal with undeclared accounts ...

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