Swiss private bank Julius Baer says it plans to cut about 1,000 jobs from Merrill Lynch’s wealth management operations outside the United States following a deal to buy the unit from Bank Of America.
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The Julius Baer Group based in Zurich said in a statement Tuesday its target for reducing staff is “by 15% to 18%” from approximately 5,700 in 50 locations worldwide — anywhere from 855 to 1,026 jobs.
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The Swiss private banking group has agreed to pay 860 million francs ($879 million) to buy those operations from BofA. The bank says the deal, which is expected to close by early 2013, will boost its assets by about 40%, adding around 81 billion francs to the assets it manages.
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