Marc Pictet states in an interview with the Swiss newspaper Basler Zeitung that there are no further news as far as Pictet private bank is concerned. The institution, one of the largest private banks in Switzerland, is in the process of reaching a settlement as a so-called Category 1 bank with the US authorities. The first appointment with the authorities dates back to October 2012.
Marc Pictet highlights that, despite the lengthy process, the fine will not increase in time as facts remain unchanged.
The rules to calculate a penalty amount are rather nontransparent to them. Hence no provisions were made at this stage as no visibility about the amount of fines exist.
Since 2006 Pictet private bank has a SEC-registered wealth management subsidiary for US clients. The company dates back before UBS made the headlines in the tax dispute with the US.