Malaysia's CIMB plans to cut about 50 Asia jobs
Reductions to include Hong Kong, Taiwan, India and South Korea equities-related roles
CIMB, Malaysia's second-largest lender, plans to cut about 50 jobs in Asia to trim costs, sources said.
The reductions involved mostly equities-related positions in places including Hong Kong, Taiwan, India and South Korea, they said.
"The realities of today's capital markets" required the bank to make changes, Tengku Zafrul Aziz, the acting chief executive, said in an e-mailed statement that did not refer to the number of jobs being eliminated.
The Kuala Lumpur-based company is reducing costs after previously expanding by purchasing some Royal Bank of Scotland operations in 2012. Tougher regulations and higher capital requirements are putting pressure on financial firms globally, with Standard Chartered, CLSA and Nomura among those to cut staff in Asia.
"Banks everywhere are now cutting costs," said Dickie Wong, an executive director of research at Kingston Financial in Hong Kong, adding that more reductions loomed amid weak market sentiment in places including Europe and Southeast Asia.
CIMB, which took part in failed talks for a merger to establish Malaysia's biggest bank, said last month it planned to reduce investment-banking costs by about 30 per cent this year in anticipation of slower growth. The latest staff reductions are in addition to CIMB closing its Australian offices, affecting 103 jobs, a move announced on February 9.