Julius Baer To Lower 1,000 Jobs

Swiss bank Julius Baer (OTC: JBAXY) 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.