Julius Baer Accomplishes 2015 Resolution With Day To Spare
The Swiss bank can check, “get the U.S. Justice Department off our back over the whole being a Swiss bank thing,” off its list and it prepares next year’s mostly broken promises to itself.
Julius Baer disclosed the settlement in a statement on Wednesday, as it earmarked another $197 million beyond the $350 million it set aside in June to resolve the probe. The Zurich-based company said it expects to conclude the agreement of the four-year investigation in the first quarter….
The bank reached a “comprehensive resolution regarding its legacy U.S. cross-border business” with prosecutors working for Manhattan U.S. Attorney Preet Bharara, according to the statement.
Julius Baer to Pay $547 Million to Resolve U.S. Tax Probe [Bloomberg]