Private Swiss banker Julius Baer Group expects to be fined by the US for the bank’s role in allowing US citizens to hide assets and avoid US taxes. The bank also said it does not expect to be indicted as happened last week to Wegelin, another private Swiss bank.
Baer exited the US offshore banking business in 2009, according to a report at The Wall Street Journal. The Swiss government is negotiating a settlement with the US that would cover all the country’s banks, but the lack of an agreement so far led to the Wegelin indictment and to Baer’s announcement of its expected fine. The bank also said that it has not yet taken a provision for the expected fine.
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