Julius Baer to cut 1,000 jobs

City A.M. Reporter
SWISS private bank Julius Baer will cut up to around 1,000 jobs as a result of its purchase of part of Bank of America Merrill Lynch’s wealth management business.

Baer said it planned a “significant reduction of former Bank of America corporate overhead” as well as cuts to the middle and back office functions of the combined group, reducing the combined staff of around 5,700 by 15-18 per cent.

It said assets under management rose to SFr184bn at the end of August from SFr179bn in June.