Julius Baer to cut around 1,000 jobs from its Merrill Lynch unit purchase
October 10, 2012, 12:30 am TWN
GENEVA--Swiss private banking group Julius Baer said Tuesday it would cut around 1,000 jobs when it buys part of Merrill Lynch's wealth management business from Bank of America.
The Swiss bank said it planned "a significant reduction of former Bank of America corporate overhead and other allocations not required going forward in the Julius Baer structure."
This meant it would slash between 15 and 18 percent of the some 5,700 combined staff at the Swiss bank and the part of Merrill Lynch's business it is acquiring, it said in a statement.
Julius Baer announced in August that it would buy Merrill Lynch's wealth management business outside the United States and Japan for some 860 million Swiss francs (US$879 million), in a bid to strengthen its presence in emerging markets.