Zurich based Julius Baer has reached a final settlement with the U.S. Department of Justice in connection with its legacy U.S. cross-border private banking business.
Specifically Julius Baer has entered into a Deferred Prosecution Agreement pursuant to which it will pay $547 million. In anticipation of the final resolution, the Group had already taken provisions in June and December 2015, totalling this amount, and booked them to its 2015 results.
In addition, the two Julius Baer employees indicted in this context have taken an important step towards a resolution of their cases.
«Being able to close this regrettable legacy issue is an important milestone for Julius Baer. The settlement ends a long period of uncertainty for us and all our stakeholders. This resolution allows us now to again fully focus on the future and our business activities.» Boris F.J. Collardi, CEO of Julius Baer said.
