According to the report, Julius Baer faces substantial overlaps in Singapore, Hong Kong and London as well as Switzerland.
It was in mid-August that the bank had agreed to buy Merrill Lynch’s international wealth management unit outside the US from Bank of America Corp. for about CHF1.47 billion.
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Recently, the Swiss bank’s CEO Boris Collardi said that between 30 and 40 percent of the unit’s total number of jobs will have to be eliminated.
The wealth management unit has about 2,200 employees. The job cuts thus amount to up to a total of 880.
According to the publication, the move is necessary so that Swiss private bank can slash its cost-income ratio as planned to 70% from 100%.
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