Julius Baer is reportedly planning to slash a further 150 jobs by 2015 following its acquisition of Merrill Lynch’s international wealth unit in 2012.
In 2012, Swiss bank’s CEO Boris Collardi said that between 30 and 40% of Merrill Lynch non-US wealth unit’s total number of jobs could be eliminated after the Swiss bank acquired the unit.
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Collardi said that around 150 staff are expected to leave the bank, which has combined staff of around 5,500 by 2015, reported Financial Times.
At the same time, the Swiss private bank is seeking to hire new staff in its IT unit and also invest hundreds of millions on an IT platform.
Collardi said: "We still have a tail of people that have to leave the company as a result of the Merrill transaction. They know who they are and will be leaving us by the end of this year."
"To be perfectly correct, I am hiring. I am on the lookout now for people, teams, managers, and leaders, everything that can bring the firm further. We are not at the forefront of technology today, that is maybe our Swiss conservative way," he added.
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