ZURICH Swiss local government-owned Zuercher Kantonalbank (ZKB) hasn't made much progress in settling a tax case with U.S. authorities, its chief executive told journalists on Friday.
"The case is at roughly the same stage as it was last year," CEO Martin Scholl told a news conference. The U.S. Department of Justice is investigating ZKB on suspicion it helped wealthy Americans evade taxes.
Scholl declined to comment on what reserves the bank had built to settle the case.
Scholl also said the bank wasn't planning to pass on negative interest rates to retail customers as long as nothing fundamentally changed.
(Reporting by Angelika Gruber; writing by Brenna Hughes Neghaiwi; Editing by Michael Shields)