The Swiss newspaper SonntagsZeitung reported that Julius Baer may have to pay more than the provisioned $350m announced back in June 2014. According to an insider the third-largest wealth manager in Switzerland might need to pay double this amount in order to settle matters with the US Department of Justice (DoJ).
Since 2011 it is known to the public that Julius Baer has an issue related to US clients. Back then in the public accusation against 2 Julius Baer employees it is written that the bank continued to accept US clients from UBS and advised a client who was cooperating with the US authorities not to take part in a voluntary disclosure program.
The final meeting should take part in the coming days. Boris Collardi, CEO of Julius Baer, previously mentioned that the bank hopes to settle the tax dispute in 2015.