The chairman of Swiss private bank Julius Baer will head a special committee dealing with a US tax probe after leaving his current role, underlining the pressure Swiss banks are feeling from claims they helped wealthy Americans dodge taxes. Raymond Baer, a 52-year-old member of the bank's founding family who has been at the group almost 25 years and served as chairman for nine, will become honorary chairman of the bank as of its next shareholder meeting in April.
As part that new role, he has been elected to chair a special committee overseeing co-operation with US authorities, the bank said on Monday. Julius Baer is among 11 banks - including Credit Suisse - under investigation by the US Department of Justice. The indictment of Swiss private bank Wegelin in February has heightened tension among private bankers fearful of being next in the firing line. In February, Julius Baer said it expected to have to hand over client data and to pay a fine as part of the US probe into wealthy Americans who stashed their money in Swiss banks to avoid paying taxes.
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