2023-12-04 19:02:04
Published on December 4, 2023 at 6:22 p.m. / Modified on December 4, 2023 at 8:02 p.m.
Pictet has reached an agreement with American authorities, according to which the Geneva banking group will pay 122.9 million dollars (106.8 million francs) to end an investigation into wealth management services provided to American taxpayers between 2008 and 2014. This amount includes a fine of $38.9 million, according to a press release released Monday evening by the bank. Pictet, which managed 638 billion francs in assets as of June 30, made a net profit of 768 million francs in 2022 and 1.008 billion in 2021. The bank had been in contact since October 2012 with the American authorities regarding this matter. .
The website of the American Department of Justice (DoJ) mentions that Pictet hosted 1,637 accounts considered problematic by the American justice system during this period. These accounts, opened “in Switzerland and elsewhere”, contained a maximum accumulation of $5.6 billion in hidden assets in January 2008. The holders of these accounts, managed by Pictet or by external managers, had avoided pay $50.6 million in taxes, according to the DoJ.
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