Swiss wealth manager Julius Baer has decided to take a preliminary provision of $350m to settle a US Department of Justice (DOJ) investigation of the bank’s alleged role in helping wealthy Americans evade taxes.
"These settlement discussions have now sufficiently advanced to enable Julius Baer to make a preliminary assessment of a probable and approximate amount required to reach a settlement with the DOJ," the bank said in a statement.
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The preliminary provision will be charged to Julius Baer’s 2015 half-year results, which are expected to be reported on 20 July 2015.
If the amount had been booked at the end of April 2015, the group’s BIS total capital ratio would have been 20.9% and its BIS tier 1 capital ratio 19.6%, the private bank said.
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