In a statement Julius Baer announced its ‘decision to take a preliminary provision at this time is the result of Julius Baer’s recent discussions with the DOJ regarding its eventual, comprehensive and final settlement of the DOJ’s investigation of Julius Baer’s legacy US cross-border business. 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’.

Julius Baer is referred to as a Category 1 bank, i.e. institutions that were already under investigation by the DoJ at the time of the publication of the US Tax Program on August 29, 2013. They are excluded from the US Tax Program and need to negotiate on a one to one basis.

Some analysts had expected Baer to set aside over $900m for the case says Reuters, Julius Baer.