Julius Baer To Lower 1,000 Jobs

Swiss bank Julius Baer

announced its plans to lower up to about 1,000 jobs. The bank will cut the combined staff of about 5,700 by 15%-18%. Baer's assets under management climbed to 184 billion Swiss francs ($197.11 billion) at the end of August, versus 179 billion at the end of June. Julius Baer shares closed at $6.93 yesterday.