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Walter Berchtold, head of the Credit Suisse Private Banking arm responds to a journalist's question during the press conference held to announce the company's annual results. Berchtold received a bonus in the previous year of CHF 34 million. The Swiss banking industry holds an estimated 4,000 billion Swiss Francs (USD 4,240 billion) in assets, more than half of it foreign, including CHF 880 billion in undeclared European assets alone, benefiting from the country's famous banking secrecy laws.