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.
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