Pictet & Cie, Switzerland’s largest closely held private bank, has changed its legal structure in a move that will protect their managing partners from unlimited liability.

The change comes after Wegelin, Switzerland’s oldest private bank, was closed following the investigation by the US Department of Justice into allegations it helped US citizens dodge $1.2bn in taxes.

Under the unlimited partnership structure, Wegelin’s partners are expected to be personally liable for its activities. PICTET_PressRelease_5.2.13