Bank of America sells business unit

Bank of America has sold its wealth management business to Swiss money manager, Julius Baer, for about €715m.

Bank of America’s wealth management business employs a number of people in Dublin. Julius Baer and Bank of America refused to say how many Irish employees were in this operation.

“Dublin is now on the Julius Baer map and it is one of our new locations acquired by the deal,” a spokesperson for the wealth manager said.