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Julius Bär agrees to settle German tax dispute
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German tax authorities initiated their investigation into undeclared assets subject to taxation following voluntary disclosures by the clients concerned and other information they had collected, the bank said in a statement on Thursday. The one-off payment was agreed by both sides to avoid lengthy legal proceedings, Julius Bär said. “This will end the investigations against…
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But the bank has declined to confirm a report in Neue Zürcher Zeitung newspaper that 150 posts were at stake, mainly in private banking and investment solutions. “We’re going to cut material costs but some jobs will also have to go,” bank spokesman Jan Vonder Muehll told Reuters, adding the savings would be made in…
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Under the strategic collaboration announced on Thursday, Julius Bär will refer clients’ investment banking transactions to Macquarie, whose Asian private wealth business – worth $1 billion (SFr900 million) – will be transferred to the Swiss bank. Julius Bär’s CEO Boris Collardi said it was an important step towards expanding their “footprint in the world’s most…
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His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS and Credit Suisse – dominate the heart of the banking sector.
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