Costly US fine slashes Julius Bär profits
AFP · 1 Feb 2016, 11:09
Published: 01 Feb 2016 11:09 GMT+01:00
- Julius Bär bank to pay huge fine in US tax probe (30 Dec 15)
- Julius Bär sued over 'lost' East German cash (21 Aug 14)
- Julius Bär clients targeted in US tax probe (28 May 13)
The bank said net profit dropped 67 percent to 121.2 million francs ($119 million) last year.
The fall comes after the Zurich-based bank put aside a 547.25-million-dollar provision to cover a fine it faces following the US
Authorities around the world have been clamping down on tax evasion in the wake of the global financial crisis.
Chief executive Boris Collardi said in a statement that the bank expected it would "soon be able to complete the court process and announce the final resolution" following the final approval of the settlement.
Julius Bär was among around a dozen Swiss banks placed under criminal investigation by the US Justice Department, including the country's second largest bank Credit Suisse, which was slapped with a $2.8-billion fine.
Without the US provision, Julius Bär said profits would have grown last year by a fifth to just over 700 million francs.