Midweek Roundup: France Probes UBS for AML Violations, Julius Baer Nears U.S. Tax Settlement, and More

French authorities are formally investigating UBS AG for money laundering violations, The Wall Street Journal reported Wednesday. UBS is accused of actively helping French clients evade taxes by opening secret Swiss accounts. The bank, which denies the accusations, must pay a bail fee of over $1 billion as a guarantee in case of a fine. More Julius Baer executives expect to reach a settlement with U.S. authorities this year regarding a criminal probe into the Swiss bank's role in helping wealthy Americans evade taxes, International Business Times reported. More Separately, Credit Suisse AG posted a second-quarter net loss of $779...