ZURICH – 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.
(Reporting by Catherine Bosley; Editing by Louise Heavens)