Julius Baer is shutting down its Panama and Peru operations as the private bank forges ahead with a strategic review of its Latin American business, according to people with knowledge of the move.
Bloomberg News reports that the decision comes amid the review, by regional head Beatriz Sanchez, of a business that manages approximately $40bn in assets and caters to wealthy Latin American clients. Julius Baer, Switzerland’s third-largest wealth manager, has significantly expanded over the past decade, pursuing new clients overseas.
In the meantime, Bloomberg also reports that Wells Fargo will pay a $65 million penalty to New York state related to its cross-selling practices.
The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to existing clients – was built on “sales practice misconduct at the bank,” state Attorney General Barbara Underwood’s office said in a statement Monday.