[ by Melanie Gretchen ]

Julius Baer will integrate the private banking operations it bought from Bank of America Merrill Lynch outside the U.S.   Unfortunately for its employees, that means less jobs.

What that means:

• The Swiss bank's combined work force of 5,700 will be 15% to 18% smaller
• Layoffs, to begin after the deal closes early next year, could total 1,026 staff members
• As Julius Baer expands into new markets, it could gain up to an additional $74 billion of assets, which primarily come from wealthy clients in developing economies
• Potential (hoped-for) reduced costs at the unit, which reported a $30 million net loss in the first half of the year, according to an investor presentation released on Tuesday

C-I Note: Will the bank's future fare better than its past?  We shall see.

For further details, go to [Dealbook, 10/9/12].