Swiss private bank Julius Baer plans to cut between 660 and 880 jobs at Bank of America Merrill Lynch's overseas wealth management business as the integration of the newly acquired unit gets under way, a Swiss newspaper said on Sunday.
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. A spokesman for Julius Baer declined to comment on the report.