Credit Suisse and Julius Baer held talks about a possible merger, Swiss newspaper SonntagsZeitung reported, citing people it didn't identify.

There haven’t been any official negotiations and the situation may be re-evaluated if Julius Baer resolves its issues with US tax authorities, the paper said.

Hans-Peter Waefler, a spokesman for Credit Suisse, declined to comment. Spokespeople for Julius Baer couldn’t be immediately reached for comment.

Credit Suisse, Switzerland’s second-biggest bank, has been under pressure to focus more on managing money for the wealthy and reduce its exposure to investment banking.

Acquiring Julius Baer, which had CHF274.2 billion (€227.4 billion) in assets under management at the end of June, would boost Credit Suisse’s wealth management assets to SFr1.1 trillion.

Credit Suisse, which is based in Zurich, is the fourth-biggest wealth manager by assets, according to the annual ranking by Scorpio Partnership, which ranks Julius Baer 12th.

– (Bloomberg)