People News: CIMB axes, Sumitomo Mitsui hires

CIMB Group Holdings Bhd has cut 32 jobs in its Hong Kong investment banking and equities business on worsening capital market conditions, Malaysia's second-biggest bank by assets said on Monday.

Reuters reports that group chief executive Zafrul Aziz said in an emailed statement: After the most recent review, we have unfortunately come to the conclusion that further streamlining of our investment banking and equities business is necessary as we face increasing strain in managing costs in an environment marred by deteriorating capital markets'. 

In the meantime, Bloomberg News reports that Sumitomo Mitsui Financial Group plans to double its fixed-income sales and trading team in the U.S. and has hired Royal Bank of Scotland’s former head asset-backed securities trader.

Patrick Beranek starts at SMBC Nikko Securities America Tuesday and is the first dedicated ABS trader to join a team of about 12 people, according to Jiro Inuzuka, a Tokyo-based spokesman for SMBC Nikko, Sumitomo Mitsui’s investment banking arm. Sumitomo Mitsui plans to double the size of the team to about 24 in the next year, he said.

Malaysia's CIMB cuts jobs in Hong Kong investment banking, equities business

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