Swiss private bank Julius Baer will cut up to around 1,000 jobs as a result of its purchase of part of Bank of America Merrill Lynch's wealth management business.Baer said it planned a "significant reduction of former Bank of America corporate overhead" as well as cuts to the middle and back office functions of the combined group, reducing the combined staff of approximately 5,700 by 15-18 percent.Baer, which is presenting details of the acquisition to analysts and investors in London later on Tuesday, also reported that its assets under management (AuM) rose to 184 billion Swiss francs ($197.11 billion) at the end of August from 179 billion at the end of June.The bank said the increase resulted from net new money inflows close to the top end of its medium term target range, a positive market performance and a positive currency impact, mainly due to the strengthening of the dollar.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $9.28. In the past year, the shares have traded as low as $4.92 and as high as $10.10. On average, 133110000 shares of BAC exchange hands on a given day and today's volume is recorded at 0.
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