CIMB Group made 40 people redundant in Asia on Thursday as part of a wider cost-cutting exercise.
The redundancies are mostly in equities trading and are based in Hong Kong, Taiwan, India, and South Korea. A few of the positions eliminated were in investment banking advisory and back-office support.
The bulk of the layoffs were in the Royal Bank of Scotland's Asian equities business that CIMB acquired in 2012.
The 40 people are a small percentage, low single digits, of CIMB’s overall investment banking advisory and trading business in Asia. One person familiar with the cuts described it as “business as usual”...