Daiwa Securities Group Inc. said Monday it will eliminate as many as 50 derivatives jobs in Hong Kong and may shrink investment banking and equity research in the city as part of an expanded cost-cutting program.
The firm will close its Hong Kong desk for over-the-counter trading of equity, currency and interest-rate derivatives, affecting between 30 and 50 staff, spokeswoman Kana Shirakawa said.
The reductions are in addition to the 500 positions eliminated in Asia and Europe since last October as Daiwa follows bigger rival Nomura Holdings Inc. in expanding cost cuts to cope with losses abroad.