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

A pedestrian walks past a CIMB Group Holdings bank branch in Kuala Lumpur, Malaysia.
A pedestrian walks past a CIMB Group Holdings bank branch in Kuala Lumpur, Malaysia.PHOTO: BLOOMBERG

KUALA LUMPUR (REUTERS) - CIMB Group Holdings 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 (Jan 18).

"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," group chief executive Zafrul Aziz said in an e-mailed statement to Reuters.

Many investment banking teams are paring back their teams as they look to cut costs in a tough market. Reuters reported earlier this month that Barclays will cut jobs in its Asian investment banking arm.