Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Julius Baer Says Bank Hasn’t Decided on U.S. Tax Probe Provision

Don't Miss Out —
Follow us on:

Nov. 1 (Bloomberg) -- Julius Baer Group Ltd., the largest publicly traded private bank in Switzerland, said it hasn’t decided whether it will book a provision for litigation regarding the conclusion of a tax dispute with the U.S.

The impact of a potential settlement “is currently not reliably assessable,” Jan Vonder Muehll, a spokesman for the Zurich-based bank, said today by phone.

Credit Suisse Group AG, the nation’s second-biggest bank, today said it made 295 million Swiss francs ($333 million) of litigation provisions for a tax settlement in the U.S.

Credit Suisse said in July that it was the target of U.S. prosecutors. Eight of the firm’s bankers were charged with conspiring to help U.S. clients evade taxes through secret accounts.

Two Baer bankers were indicted in October, accused of conspiring with American clients and others at the bank to hide millions in assets from the Internal Revenue Service, according to the indictment in a New York federal court.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.