English Language · Reading Comprehension

The passage given below is followed by four alternative summaries. Choose the option that best captures the essence of the passage. For decades, Swiss banks were globally synonymous with impenetrable confidentiality and stability, serving as the quintessential haven for global wealth. This reputation was anchored by strict bank secrecy laws that treated client information as sacrosanct. However, the 21st century has seen this influence significantly diminish. Driven by international pressure, particularly from the US and EU, aimed at combating tax evasion, Switzerland has largely dismantled its strict secrecy framework. The adoption of global standards like the Automatic Exchange of Information (AEoI) has forced Swiss institutions to share client data with foreign tax authorities, fundamentally eroding the core competitive advantage that once defined Swiss banking.