Published On: Sun, Dec 20th, 2015

Julius Baer Seeks Deal With U.S. Next Week, Sonntagszeitung Says

Bank may have to pay twice the provision it set aside, SZ Says; Higher penalty could put merger strategy into question

Julius Baer BANK

Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, may have to pay more than it anticipated to settle a case with the U.S. Justice Department over American offshore accounts, the Swiss newspaper Sonntagszeitung reported, citing people familiar with the matter.

U.S. prosecutors could ask Julius Baer to settle for much more than the $350 million earmarked by the bank for the case, the newspaper reported.
Julius Baer spokesman Jan Vonder Muehll declined to talk about the newspaper’s report, saying the bank doesn’t comment on rumors.

Read the full story at Bloomberg, by Jan-Henrik Foerster

READ MORE: Julius Baer

Boris Collardi

Julius Baer has not held merger talks with rival Credit Suisse, the Zurich-based private bank’s CEO Boris Collardi told the weekly Schweiz am Sonntag (Switzerland on Sunday), Reuters reported. “There More…

Markus Allenspach

Julius Baer, a private Swiss bank, is staying away from European bonds, prefers investing in REITs, and isn’t overly concerned about the prospect of Greece leaving the European Union, according to wealthbriefing.com. When More…

Julius Baer

Doom and gloom was pronounced on Swiss banks in the wake of the Swiss central bank’s removal of the cap on the nation’s currency, but private Zurich-based  Julius Baer is showing resilience with a More…

Julius Baer BANK

Julius Baer may not exactly be unscathed by the crisis in the Swiss Franc, according to the Financial Times. In the days following the Swiss National Bank’s move to remove the cap from the Swiss franc,  More…

Boris Collardi

The Swiss National Bank made the shocking move of eliminating its currency cap on the Swiss franc, and many banks lost money. Citigroup, Deutsche Bank and Barclay’s suffered joint losses of $400 million because More…

Julius Baer BANK

While other banks are bleeding millions, Julius Baer Group said it sustained no losses in the days following the Swiss Central Bank’s sudden decision to cancel its franc cap, according to Bloomberg. More…

930114-D-9880W-022

Former Israeli Prime Minister Ehud Barak retired for good from politics before his country’s last election in 2013. The move came after he had made a comeback as leader of the Labor Party, serving as defense More…

 

Read more about: ,

About the Author

Wordpress site Developed by Fixing WordPress Problems