Mon 1 Apr to Tue 31 Dec 2013

Julius Baer to cut 1,000 jobs after Merrill Lynch transaction

  • By Georgeta Gheorghe and 1 other
  • Last update: 3 years ago
  • Zürich, Canton of Zurich, Switzerland

Merrill Lynch

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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.

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