CIMB cuts jobs in HK investment banking arm
(21 January 2016 - Asia) Malaysia's second-largest bank CIMB Group announced a raft of job cuts in its Hong Kong investment banking and equities team.
In total, 32 staff were let go by the bank, which is struggling in a deteriorating capital market. The cuts were announced in an internal memo and confirmed by Group Chief Executive Zafrul Aziz on January 18 in a statement emailed to Reuters.
Following the job cuts 110 staff remain at the unit, a source told reporters.
The downsizing follows the trend from other banks who are scaling back their investment banking operations both globally and in Asia.
Earlier this month, it was reported that Barclays will cut jobs in its Asian investment banking arm, in addition to Standard Charted and Deutsche Bank who have both announced plans to reduce or restructure their workforce to combat a competitive market.
"The Group is not spared from the harsh realities of the deteriorating capital markets faced by players with investment banking and equities businesses in Asia," Zafrul said in the memo.
"We continue to face difficult markets and we will need to be very focused to ensure that we remain relevant to clients."
Subscribe