Julius Baer 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.
Representatives from Baer will meet with U.S. officials in the coming week for 'decisive' negotiations, the newspaper said, without saying where it got the information.
Julius Baer set aside $350m in June to resolve the four-year investigation with the Justice Department. A month later, the company reported net income fell to $39.3m from $179.5m, mostly tied to the provision. Chief Executive Officer Boris Collardi said he’s “very hopeful” the tax dispute will be closed this year.
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