According to Arabia Net, SMBC Nikko Securities Inc is planning to open branches in Paris and Abu Dhabi, which is dependent on the approval of regulatory agencies. / p>
The bank aims from this expansion to strengthen its bond underwriting business, according to the bank’s president, Yuichiro Kondo, in an interview with Bloomberg.
The bank is seeking to appoint 10 new employees to the bond underwriting unit in North America by March 2030, bringing the number of employees there to 40.
These plans are in line with the strategy of the parent bank, Sumitomo Mitsio Financial Group, which seeks to increase the number of employees abroad, in light of the weak economic performance expected in Japan in the future as a result of a pandemic Corona.
HSBC contrasts with the bank’s major plans to scale back its business due to the pandemic, and the most prominent list of banks that have done this in Europe includes both HSBC, And Deutsche Bank.
HSBC is considering cutting up to 10,000 jobs in a cost-cutting campaign, according to a previous report in the Financial Times.
It is expected that the largest percentage of layoffs will be in Europe and will lead to a significant decrease in the HSBC workforce of 238 thousand employees.
According to the Financial Times, new layoffs that come in addition to the 4,700 jobs previously announced may be announced soon.
Note that previous layoffs were announced in August when CEO John Flint suddenly left after a year and a half of bank leadership.
Noel Quinn held the position of interim CEO in his place and began work on a cost-cutting plan and is the main candidate for this position permanently.
