Struggling Baer Hit by Cover-Up Claim ; Banking [Edition 2]
Evening Standard - London › February 12, 2009
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Summary
JULIUS Baer, the Swiss bank whose chief executive committed suicide in December, today saw its share price crash after it reported tumbling profits and a whistleblower claimed employees had covered up losses.
A letter to the authorities in Zurich from several unnamed directors said junior staff in the market division concealed lossmaking investments to avoid having to write down "several millions in losses".See the full content of this document
Extract
Struggling Baer Hit by Cover-Up Claim ; Banking [Edition 2]
The letter was circulated ar...
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