The so-called Big Three banks in Switzerland announce the creation of a $71 million fund to aid Holocaust survivors and their families.

Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and over the centuries has grown into a complex and regulated international industry. Banking is seen as very emblematic of Switzerland and the country has been one of the largest, if not largest, offshore financial centers and tax havens in the world since the mid-20th century, with a long history of banking secrecy, security and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws were used to protect assets of persons being persecuted by Nazi authorities but have also been used by people and institutions seeking to illegally evade taxes, hide assets, or to commit other financial crime.

The Holocaust, known in Hebrew as the Shoah, was the genocide of European Jews during World War II. From 1941 to 1945, Nazi Germany and its collaborators systematically murdered some six million Jews across German-occupied Europe, around two-thirds of Europe's Jewish population. The murders were committed primarily through mass shootings across Eastern Europe and poison gas chambers in extermination camps, chiefly Auschwitz-Birkenau, Treblinka, Belzec, Sobibor, and Chełmno in occupied Poland. Separate Nazi persecutions killed millions of other non-Jewish civilians and prisoners of war (POWs); the term Holocaust is sometimes used to include the murder and persecution of non-Jewish groups.