The Traderszone Network

Published in TZ Latest News 21 July, 2014 by The TZ Newswire Staff

Julius Baer expects to settle U.S. tax case in months

Julius Baer (BAER.VX) expects to strike a deal with U.S. authorities in a matter of months to settle a criminal investigation into the Swiss bank’s role in helping wealthy Americans evade their taxes, its chief executive said on Monday. Shares in the Zurich-based lender shot up 7 percent on the news, recovering much of the ground lost since larger rival Credit Suisse (CSGN.VX) settled its U.S. tax case in May for $2.5 billion, more than double what the bank had set aside for the purpose.

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