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Julius Baer Seeks Deal With U.S. Next Week, Sonntagszeitung Says

Bank may have to pay twice the provision it set aside, SZ Says; Higher penalty could put merger strategy into question

Julius Baer BANK

Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, may have to pay more than it anticipated to settle a case with the U.S. Justice Department over American offshore accounts, the Swiss newspaper Sonntagszeitung reported, citing people familiar with the matter.

U.S. prosecutors could ask Julius Baer to settle for much more than the $350 million earmarked by the bank for the case, the newspaper reported.
Julius Baer spokesman Jan Vonder Muehll declined to talk about the newspaper’s report, saying the bank doesn’t comment on rumors.

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Read the full story at Bloomberg, by Jan-Henrik Foerster

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