CIMB said plans to cut jobs to reduce costs

CIMB Group Holdings plans to cut about 50 jobs in Asia to trim costs, people familiar with the plan said.

Bloomberg News reports that the reductions involve mostly equities-related positions in places including Hong Kong, Taiwan, India and South Korea, the people said, asking not to be named as the plan is not yet public

The company is reducing costs after previously expanding by purchasing some Royal Bank of Scotland operations in 2012. Tougher regulations and higher capital requirements are putting pressure on financial firms globally, with Standard Chartered, CLSA and Nomura Holdings among those to cut staff in Asia.

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CIMB Said to Cut About 50 Jobs Across Asia to Reduce Costs

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