ZURICH Oct 9 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 approximately 5,700 by 15-18 percent.
Baer, which is presenting to analysts and investors details
of the acquisition later in London later on Tuesday, also
reported that its assets under management had risen to 184
billion Swiss francs ($197.11 billion) at the end of August.
Julius Baer announced the acquisition in August of Merrill
Lynch's wealth management business outside of the United States
and Japan to expand in fast-growing emerging markets.