Swiss private bank Julius Baer said this morning it will cut jobs as a result of its purchase of part of Bank of America Merrill Lynch’s wealth management business.
Baer said this morning it will set out “targeted profitability improvement measures”, including a “significant reduction of former Bank of America corporate overhead”.
The Swiss bank said it will reduce its headcount of around 5,700 by between 15 to 18 per cent, which equals around 1,000 jobs.
Baer, which is presenting details of the acquisition to analysts and investors later today, also reported that its assets under management rose to CHF184bn (£122.5bn) at the end of August from CHF179bn at the end of June.
Baer announced in August that it was buying Merrill Lynch’s wealth management business outside of the US and Japan to expand into emerging markets.
City A.M. Reporter