Shedding businesses that have been a drag on the bank’s performance.
Bloomberg News reports that the bank will phase out the businesses after in January exiting from institutional cash equities, equity research and equity capital markets, it said in an e-mailed statement on Monday.
At least 10 jobs will go, according to a person with knowledge of the matter who asked not to be identified because the details are private.
'Regulators are pretty negative about commercial banks’ trading activities, so this move probably helps improve capital ratios, reduces earnings volatility, and cuts staff, so costs', said Jim Antos, an analyst at Mizuho Securities Asia Ltd. in Hong Kong. 'They are going back to basic banking'.
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