Layoffs 2012: Julius Baer May Cut More Than 1,000 Jobs

Julius Baer Group Ltd., the Swiss private bank established in 1890, may cut more than 1,000 jobs as it integrates Bank of America Corp. (BAC)’s non-U.S. Merrill Lynch wealth units according to Bloomberg's best. Julius Baer is targeting a reduction of 15 percent to 18 percent in the combined workforce of about 5,700, the Zurich- based company said today in a statement. The Merrill business that Julius Baer agreed to buy in August posted a first-half loss of $30.4 million, the bank said. More? Check out http://www.bloomberg.com/news/2012-10-09/julius-baer-may-cut-more-than-1-000-jobs-after-merrill-purchase.html