Julius Baer CEO sees more consolidation in Swiss banking

January 14, 2016 1:55 PM

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Julius Baer CEO sees more consolidation in Swiss banking

BERNE There will be further consolidation in Switzerland's banking industry now that most banks have reached settlements with U.S. authorities over alleged tax evasion by some clients, Julius Baer Chief Executive Boris Collardi said on Thursday.

Union Bancaire Privee became the 76th Swiss bank to reach an agreement with the U.S. Department of Justice last week, agreeing to pay more than $187 million to avoid possible prosecution for helping Americans evade taxes.

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