Adding equity staff to bolster fee income as negative interest rates weaken lending profitability.
Bloomberg News reports that among the recruits is Hajime Kitano, who joined Mizuho as a director for equity research on Tuesday, said Yohei Osade, global head of Asian equities at the lender’s brokerage unit. Banking analyst Maoki Matsuno and his assistant started last week, Osade said in an interview.
Undeterred by the recent global stock-market turmoil, Mizuho has been adding equity staff to bolster fee income as negative interest rates weaken lending profitability. Barclays is cutting 1,200 jobs worldwide and winding up its cash equities operations in Asia as it shrinks its investment bank, people familiar with the matter said in January.
Seven or eight equity research analysts and salespeople will join Mizuho Securities, mainly from Barclays, on April 1, Osade said. His division has hired more than 40 people since September for roles including sales, research and trading in Tokyo, Hong Kong, New York and San Francisco.
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