Sumitomo Mitsui Financial Group Inc. will hire about 20 private bankers from Barclays Plc in Japan as the two companies terminate their wealth management partnership, Bloomberg News reported Jan. 27, citing Kouichi Shibata, a spokesman for SMBC Nikko Securities Inc.
The bankers are set to join SMBC Nikko Securities in April. The Japanese bank is planning to hire more wealth managers from competitors as well as reshuffle its employees from other divisions to strengthen the operation, Shibata said.
The news came as the Tokyo-based financial group and its units are ending cooperation with Barclays in the private banking business, effective April 1. SMBC Nikko will pay as much as ¥12 billion to Barclays to terminate the partnership, Shibata added.
Barclays' spokesperson Emi Nakata declined to comment on bankers' move and the settlement with SMBC Nikko.
As of Jan. 27, US$1 was equivalent to ¥115.07.