Merrill Lynch bankers seek new posts

Private bankers at Bank of America Merrill Lynch are scrambling for jobs in Hong Kong and Singapore ahead of the expected merger of the US bank's wealth-management business with Switzerland's Julius Baer.

Earlier this year, private banker Julius Baer said it would buy the US bank's wealth-management unit outside the US and Japan as part of a global expansion strategy, and expected to slash 1,000 jobs globally from the combined entity.

Julius Baer already employs about 500 people in Asia. Merrill Lynch has about 800 people manning its Asian wealth management business, mostly based in Singapore and Hong Kong.

It is unclear how many people will ultimately be employed by Julius Baer in Asia.

The threat of the staff cuts comes as many banks in Hong Kong have laid off, or are in the process of laying off, private bankers in a year marked by weak markets, diminished client appetite for investment and trading and intensified competition.

Merrill Lynch private bankers are waiting to be evaluated before they are offered a job with the new owner.

However, with regulatory and shareholder approvals expected to take place at the end of this year or early next year, and the full integration unlikely to be completed before late 2014 or early 2015, many Merrill Lynch private bankers have been rushing to get their resumes out.