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

CIMB Group Holdings Bhd 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.

"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 Tengku Datuk Zafrul Aziz Tengku Abdul Aziz said in an emailed 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