The bank, along with a number of its peers, have been in talks with US authorities to resolve claims that they held money from Americans seeking to evade tax. In 2009, UBS settled criminal and civil charges of aiding such persons. In 2013, Switzerland and the US signed an agreement under which Swiss banks can elect to enter non-prosecution agreements by declaring if there is a risk of their having held undeclared funds.

Commenting on the $350 million figure, the bank said: “If the amount had been provisioned at the end of April 2015, the Group’s BIS total capital ratio would have been 20.9% and its BIS tier 1 capital ratio 19.6 per cent.”

“Noting that estimates are by their nature based on judgment, currently available information and a variety of other factors, the amount of the provision reflects Julius Baer’s existing understanding and the present state of the preliminary discussions with the DOJ regarding the amount of an eventual settlement and may be subject to change. Whilst there is no defined timetable for a final settlement, Julius Baer continues to work towards closing this regrettable legacy issue as soon as possible,” it continued.

Julius Baer’s 2015 half-year results will be published on 20 July 2015.