Julius Baer May Cut Over 1,000 Jobs After Merrill Deal

Julius Baer Group Ltd., Switzerland’s third-biggest publicly traded bank, may cut more than 1,000 jobs after its purchase of Bank of America Corp.’s Merrill Lynch wealth management units outside the U.S.

Julius Baer is targeting a reduction of 15 percent to 18 percent in the combined workforce of about 5,700, the Zurich-based company said today in a statement. The Merrill business that Julius Baer agreed to buy in August posted a first-half loss of $30.4 million, the bank said.