Julius Baer Slides as Bank Expects U.S. Tax Fine: Zurich Mover
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Julius Baer Group Ltd., the Swiss wealth manager founded in 1890, fell the most in three months in Zurich trading after saying it expects to pay a fine to resolve tax matters with the U.S. and as profit declined 27 percent.
Full-year net income dropped to 258 million Swiss francs ($280 million), missing the 312 million-franc average estimate of nine analysts surveyed by Bloomberg. Profit fell after the Zurich-based bank paid Germany 50 million euros ($65 million) to end an investigation over undeclared client assets.