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CIMB cuts Hong Kong investment banking jobs as business slows

Malaysia's second-largest bank CIMB Group Holdings said it had cut dozens of jobs in its Hong Kong investment banking and equities business as it struggles to manage costs amid deteriorating market conditions.

[KUALA LUMPUR] CIMB Group Holdings, Malaysia's second-largest lender by assets, is cutting 32 jobs from its Hong Kong investment banking and equities operations, citing a downturn in regional business.

The Kuala Lumpur-based lender "is not spared from the harsh realities of the deteriorating capital markets faced by players with investment banking and equities businesses in Asia," CIMB chief executive officer Tengku Zafrul Abdul Aziz said in a text message response to questions.