CIMB cuts Hong Kong IB, cash equities jobs

Malaysian bank becomes latest victim of deteriorating capital markets as it scales back its Hong Kong operations.

CIMB cuts Hong Kong IB, cash equities jobs

CIMB Group laid off 32 employees from its cash equities and investment banking divisions in Hong Kong on Friday, according to sources familiar with the matter, as it became the latest investment bank to cut jobs amid intense competition and a worsening climate for capital markets in Asia.

The Malaysian bank described the cuts as part of a three-year programme to restore earning growth by squeezing costs and making efficiencies, but not part of a...

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