Chairman of Julius Bär steps down
The chairman of Swiss private bank Julius Bär is stepping down after nine years, in a move that cuts the bank’s last links to its founding family.
The bank said Raymond J. Bär would not stand for re-election to the board next month. Daniel J. Sauter will be nominated as chairman instead.
The Bär family holds a minority stake in the bank.
A statement on Monday said Bär would assume an honorary role that included “overseeing the ongoing cooperation with US authorities”.
Julius Bär is one of 11 Swiss banks under pressure from the United States to hand over the names of tax-evading American customers and the bankers who aided them.
Chief Executive Boris Collardi said last month the bank expected to reach an agreement with US authorities in the case.
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