The firm confirmed the suspension in an email to this publication.
Julius Baer has suspended a banker after Swiss authorities launched investigations into arms deals by RUAG, the Alpine State’s state-owned weapons manufacturer.
The investigation came a week after Swiss weekly newspaper Handelszeitung linked the private bank employee to alleged covert Russian arms trades.
“We have taken note of the allegations and are currently looking into them. The employee in question will be suspended during our investigation,” a spokesperson for Julius Baer told WealthBriefing in an email.