In order to take the necessary steps for Switzerland's' biggest dedicated wealth manager can reduce its cost-income ratio, Private bank Julius Baer plans to cut between 660 and 880 jobs.
According to a Swiss newspaper the job cuts will take place at Bank of America Merrill Lynch's overseas wealth management business as the integration of the newly acquired unit gets under way.
Der Sonntag said Julius Baer's Chief Executive Boris Collardi recently told an investor meeting that between 30 and 40 percent of the unit's 2,200 jobs will have to go.
According to Yahoo.com a spokesperson for Julius Baer declined to comment on the report.
The job cuts will reduce the bank's cost-income ratio as planned to 70 percent from 100 percent, the article said.
Julius Baer announced the acquisition of the Merrill Lynch unit in August as it seeks to expand in fast-growing emerging markets, but investors balked at the total cost, estimated at 1.47 billion Swiss francs ($1.58 billion), sending its shares sharply lower.
According to Der Sonntag, Baer faces substantial overlaps in Singapore, Hong Kong, the City of London and in Switzerland.
Julius Baer is a leading Swiss private banking group which is the parent company of Bank Julius Baer, a traditional private bank based in Zurich, Switzerland. The firm dates itself back to the year 1890, when an exchange office was founded by Ludwig Hirschhorn and Theodor Grob.
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