Julius Baer Says Employee Stole German Offshore Client Data

by The Compliance Exchange on August 28, 2012

Julius Baer Group Ltd., the Swiss wealth manager established in 1890, is contacting German customers after an employee stole information on their offshore bank accounts in Switzerland.

“We launched an internal investigation and we discovered a case of data abuse,” Jan Vonder Muehll, a spokesman for the Zurich-based bank, said today by phone. “We are in contact with potentially affected clients.”

The suspected data thief was fired by the company and arrested, according to Vonder Muehll, who declined to give further details of the theft. SonntagsZeitung reported the information theft yesterday, citing an interview with Julius Baer Chief Executive Officer Boris Collardi.