CIMB lays off 16 bankers in Asia

Investment banking and cash equity positions shed in Taiwan, Korea and India as the Malaysian bank continues to trim operations acquired from RBS.

CIMB Group has laid off another 16 investment banking and cash equities bankers in Taiwan, Korea, and India this week as the Malaysian bank continues to trim the Asian operations it acquired from Royal Bank of Scotland in 2012.

CIMB's Korean operations were the most affected with eight bankers gone, according to sources familiar with the matter. Another five and three posts were shed in India and Taiwan, respectively.

The cuts affected bankers at different levels of the business, according to one of the people familiar with the situation, and account for 15% of CIMB’s total workforce in the three countries.

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