Julius Baer is set to cut 1,000 jobs after the takeover of the Merrill Lynch's wealth management business is completed. The Swiss bank is in the process of acquiring the wealth management business located outside of the US and Japan of the Bank of America subsidiary.
Representatives of Baer have announced plans to implement a "significant reduction of former Bank of America corporate overhead," which will shrink the combined staff of the group by around 15-18 percent.
The group currently employs a combined staff of approximately 5,700. The job cuts are expected to affect the middle and back office functions of the group.