What’s another 1,000 ?

Julius Baer Group Ltd., the Swiss private bank established in 1890, may cut more than 1,000 jobs as it integrates Bank of America Corp. (BAC)’s non-U.S. Merrill Lynch wealth units.

Bloomberg reports that Julius Baer is targeting a reduction of 15% to 18% in the combined workforce of about 5,700, the Zurich-based company said Tuesday in a statement. The Merrill business that Julius Baer agreed to buy in August posted a first-half loss of $30.4m, the firm said.

Reuters reports that 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.

Julius Baer statement

Julius Baer May Cut More Than 1,000 Jobs After Merrill Purchase

Julius Baer to cut 1,000 jobs after takeover