The Handelszeitung report that Zuercher Kantonalbank CEO, Martin Scholes, said that they have tried to get in touch with the Department of Justice (DoJ), but have not heard back. ZKB is ready for a settlement he adds.
ZKB is part of the so-called Category 1 bank group made of 14 institutions. The Category 1 banks are the institutions that were already under investigation by the DoJ at the time of the publication of the US Program on August 29, 2013. They are excluded from the Program. They need to find a solution based on direct negotiations. Fines are defined on an individual basis. They generally enter into a Deferred Prosecution Agreement (DPA).
According to La Tribune de Genève, the 1.8bn of US-related assets represent only about 1% of ZKB AUM.