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News Breaks
July 21, 2014
06:19 EDTJBAXYJulius Baer, Bank Leumi enter agreement
Julius Baer and Bank Leumi announced that they have entered into a strategic cooperation agreement. Under the agreement, Leumi will refer clients with international private banking needs to Julius Baer, while Julius Baer will refer clients to Leumiís domestic banking services in Israel. In addition, Leumi has also decided it will exit their Swiss- and Luxembourg-based private banking businesses and will transfer its respective international private banking clients to Julius Baer. In Switzerland this will be in the form of a business transfer from Leumi Private Bank, while in Luxembourg the intention of the parties is that Julius Baer will purchase Leumiís local subsidiary, Bank Leumi. LPB and Julius Baer will cooperate closely to ensure a seamless transfer of the majority of the client relationships in Switzerland, including the transfer of associated RMs and staff required to ensure the continuity of the client business. The transfer of the client assets is expected to be concluded by the end of 2015, with the majority to be transferred by the end of 2014 to early 2015. The targeted acquisition of Leumi Lux by Julius Baer is expected to be completed by the end of 1Q15, subject to regulatory approvals. Following the closing, the entity is expected to be combined with the local investment advisory business of Julius Baer. The service offering to clients of both Julius Baer and Leumi is expected to benefit from the strategic cooperation and the resulting transactions. The total transaction goodwill payable is CHF 10M in cash. The capital impact from the transfer of the Swiss-based business is expected to amount to between CHF 60M and CHF 70M assuming that 75% of the client assets will transfer. The transaction in Switzerland is expected to be EPS neutral in 2015 and should result in a low single-digit percentage accretion from 2016.
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February 4, 2016
18:56 EDTJBAXYU.S. files criminal charges against Julius Baer, reaches $547M agreement
Acting Assistant Attorney General Caroline Ciraolo of the Justice Department's Tax Division, U.S. Attorney Preet Bharara of the Southern District of New York, and Chief Richard Weber of the IRS Criminal Investigation department announced the filing of criminal charges against Julius Baer. The bank is charged with conspiring with "many" of its U.S. taxpayer-clients and others to help U.S. taxpayers hide billions of dollars in offshore accounts from the IRS and to evade U.S. taxes on the income earned in those accounts. Acting Assistant Attorney General Ciraolo and U.S. Attorney Bharara also announced a deferred prosecution agreement with Julius Baer under which the company admits it knowingly assisted many of its U.S. taxpayer-clients in evading their tax obligations under U.S. law. The agreement requires Julius Baer to pay a total of $547M by no later than February 9, including through a parallel civil forfeiture action also filed Thursday in the Southern District of New York. If Julius Baer abides by all of the terms of the agreement, the government will defer prosecution for three years and then seek to dismiss the charges. In addition, two Julius Baer client advisers, Daniela Casadei and Fabio Frazzetto, pleaded guilty in Manhattan federal court to charges of conspiring with U.S. taxpayer-clients and others to help U.S. taxpayers hide their assets in offshore accounts and to evade U.S. taxes on the income earned in those accounts. Reference Link
February 2, 2016
10:00 EDTJBAXYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: DuPont Fabros (DFT) upgraded to Buy from Hold at Evercore ISI... GOL Linhas (GOL) upgraded to Neutral from Sell at Goldman... Integrated Device (IDTI) upgraded to Outperform from Neutral at Wedbush... Julius Baer (JBAXY) upgraded to Hold from Sell at Deutsche Bank... Kohl's (KSS) upgraded to Buy from Neutral at Buckingham... Mattel (MAT) upgraded on positive catalysts at Stifel... Mitsubishi sees limited downside for Tableau (DATA), ups to Neutral ... Morgan Stanley (MS) upgraded to Outperform from Neutral at Macquarie... Netflix (NFLX) upgraded to Overweight from Neutral at Piper Jaffray... Realty Income (O) upgraded to Equal Weight from Underweight at Morgan Stanley... TJX (TJX) upgraded to Outperform from Market Perform at BMO Capital.
05:30 EDTJBAXYJulius Baer upgraded to Hold from Sell at Deutsche Bank

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