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The Swiss private bank joins the rate-rigging review.
The chief executive of Switzerland’s Julius Baer Group AG said Monday the private bank has had to “clarify a few cases” of currency trading to the country’s regulator, an indication that the global investigation of possible market manipulation has spread well beyond the major lenders that have so far been at its center….
During a presentation of bank’s annual results, Chief Executive Boris Collardi said Julius Baer has been approached regarding the foreign-exchange probe, adding that it had to “clarify” some cases where the bank had hired employees from larger lenders “more in focus” in the investigation.
In a subsequent interview with The Wall Street Journal, Mr. Collardi said the Swiss financial regulator, Finma, was the only one to contact the bank regarding the matter. Mr. Collardi said the regulator had inquired about “a couple of employees” who had joined the bank from UBS and Credit Suisse, though ultimately “it hasn’t been necessary” to discipline or fire anyone as a result.