Tag

Swiss Bank

All articles tagged with #swiss bank

finance1 year ago•2 min saved

"UBS Announces $2 Billion Share Buyback Plan"

UBS has announced a new share buyback program of up to $2 billion, with half expected to be completed in 2024, following a $1 billion buyback announced in February. The bank aims to exceed its pre-acquisition level of share repurchases by 2026, with the potential buyback amounting to around 1.85% of UBS's share capital. This move is seen as a strategic step in preparation for the anticipated buyback of $1 billion, likely to begin in the third quarter, and is expected to positively impact the stock market.

via Reuters|

#finance #financial-strategy #share-buyback

finance2 years ago•1 min saved

Swiss Bank Pictet Settles US Tax Evasion Case for $123 Million

Banque Pictet & Cie, a Swiss bank, has agreed to pay $122.9 million in back taxes and penalties after admitting to helping U.S. citizens hide $5.6 billion in assets from the IRS between 2008 and 2014. The bank used various methods, including coded accounts and foreign trusts, to help clients conceal their income and assets abroad. The payment covers taxes owed by the bank's clients, fees earned by the bank, and penalties. Banque Pictet has entered into a deferred prosecution agreement and will cooperate with government investigations into the individuals involved.

via NBC News|

#assets #banque-pictet-and-cie #finance

finance2 years ago•1 min saved

Banque Pictet's $5.6 Billion Hidden from IRS Revealed

Swiss bank Banque Pictet has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion from the Internal Revenue Service (IRS). The bank will pay $122.9 million in restitution and penalties and has agreed to cooperate with ongoing investigations. Between 2008 and 2014, Banque Pictet had 1,637 accounts on behalf of American clients, who collectively evaded approximately $50.6 million in U.S. taxes. The bank managed around $20 billion in total assets from U.S. taxpayers during that period. The Justice Department has agreed to defer prosecution for three years and then dismiss a charge of criminal conspiracy to defraud the IRS if the bank complies with the terms of the deal.

via CNBC|

#banque-pictet #department-of-justice #finance

finance2 years ago•7 min saved

Swiss Bank Banque Pictet Confesses to Assisting U.S. Taxpayers in Tax Evasion

Swiss private bank Banque Pictet has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, as well as concealing the income generated in those accounts from the IRS. As part of a deferred prosecution agreement, Banque Pictet will pay approximately $122.9 million to the U.S. Treasury. The bank's actions were discovered as part of the Department of Justice's investigations into offshore U.S. tax evasion by foreign banks.

via Department of Justice|

#banque-pictet #finance #offshore-accounts