Swiss banks to outline steps in US tax evasion row

GENEVA (AP) — Two of Switzerland's oldest banks will this week outline their response to growing U.S. pressure to give up tax-evading American customers and the bankers who helped them.

Senior executives of Julius Baer Group will detail the Zurich-listed bank's position when its full-year results are released Monday.

State-owned Zuercher Kantonalbank presents its annual results Friday.

Last month St. Gallen-based Wegelin & Co. announced it was selling most of its business after U.S. authorities indicted Switzerland's oldest private bank with conspiring to help American clients hide more than $1.2 billion from the U.S. Internal Revenue Service.

U.S. authorities are targeting at least 11 Swiss banks suspected of helping American clients cheat on their taxes.