Finma finishes a check. The office checks bank Julius Baer. The bank breaks important rules. This concerns loans for firm Signa. Firm Signa belongs to investor Rene Benko. Firm Signa is broke. The bank lends too much money to Rene Benko.
The bank ignores many warnings. The bank has no good rules for this business. Workers get high rewards for contracts. Julius Baer loses 600 million francs. The money is gone. There are also mistakes against money laundry. This concerns rich clients from Russia.
Julius Baer has a new boss. Many old bosses must leave. The bank makes new safety rules. Finma wants more safety. The bank keeps 250 million francs as reserve. The bank also gives 10 million francs profit away. Now the bank wants to buy own shares back.
