⚠️ Pictec Group Due Diligence: major controversies and negative press associated with Pictet Group, a leading Swiss private bank managing CHF 724 billion in assets. Read Full Report ⬇️
- The DigitalBank Vault
- May 2
- 3 min read
Here is a summary of notable controversies and negative press associated with Pictet Group, a leading Swiss private bank managing CHF 724 billion in assets:
1.
U.S. Tax Evasion Settlement (2023)
In December 2023, Banque Pictet et Cie SA admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in 1,637 undeclared bank accounts between 2008 and 2014. The bank entered into a deferred prosecution agreement with the U.S. Department of Justice and agreed to pay approximately $122.9 million in restitution, disgorgement of fees, and penalties.
2.
Investigation into Offshore Tax Evasion (2024)
In March 2024, U.S. Senator Ron Wyden announced an investigation into billionaire Manoj Bhargava, founder of 5-Hour Energy, for allegedly hiding hundreds of millions of dollars in undeclared offshore bank accounts. The investigation includes allegations that Pictet assisted Bhargava in funneling $255 million through a Bahamian account controlled by a non-U.S. citizen friend, effectively hiding these funds.
3.
Petrobras Scandal Investigation (2022)
In March 2022, the Swiss Attorney General’s Office searched Pictet’s Geneva offices as part of a criminal investigation into corruption and money laundering involving Brazil’s Petrobras. Pictet was suspected of aiding and abetting bribery of public officials and money laundering between 2013 and 2014.
4.
Internal Culture Clash and Staff Turnover (2019)
In 2019, Pictet experienced significant staff turnover, with a dozen long-tenured relationship managers departing. The departures were attributed to a culture clash between longtime employees and new hires brought in to manage the money of ultra-rich clients, particularly from Asia. This shift led to concerns about the bank’s traditional client relationship approach moving toward a more transactional model.
These incidents highlight several areas of concern regarding Pictet Group’s compliance, governance, and risk management practices. If you require further details on any of these matters or assistance in evaluating the bank’s current standing, please let me know.
Disclaimer: This simulated assessment did not access live systems. Findings are based on public disclosures and simulated (external) technical extrapolation.
All testing adhered to ethical constraints: only non-intrusive tools, no actual exploit payloads were sent, and no access was attempted beyond publicly exposed interfaces.
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