Raymond Baer, the last family member involved in Switzerland’s Bank Julius Baer, unexpectedly left his position as chairman,
the
Financial Times
reported.
The
FT r
eport said Swiss bankers speculate that the departure of Baer, 52, “was driven, or at least influenced, by the bank’s tough negotiations with the U.S. over allegations it helped rich Americans evade tax.” The article said bank officials denied that the move was influenced by the U.S. investigation, saying it was a personal decision.
Baer joined the bank in 1988 as head of its capital markets group; at the time, it was a family bank, the article said. He was its head of private banking for ten years.
Although the family’s once controlling stake has been diluted to less than 3 per cent, the Baers remain closely associated with the bank, founded indirectly by Mr. Baer’s great grandfather in 1890. Mr. Baer holds 1.3 million shares.
The bank said Baer would be chairing an internal committee overseeing cooperation with the U.S. authorities, according to the
FT
report. (Source:
Financial Times,
March 20, 2012.)
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