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More than 1,000 jobs may go as ink dries on Julius Baer-BofA ML deal

by Sarah Miloudi on Oct 10, 2012 at 07:50

More than 1,000 jobs may go as ink dries on Julius Baer-BofA ML deal

Julius Baer could cut more than 1,000 jobs following its acquisition of Bank of America Merrill Lynch's non-US wealth management business.

In a statement the Swiss bank said it expected a reduction in its 5,700 combined head count of between 15% and 18%.

The deal was struck for roughly $2 billion in June and marked the end of long-running discussions about a bid between the two firms.

Julius Baer has previously said it expects the deal to turn profitable in 2015.

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