Daiwa Plans Link-Up With Sumitomo Bank
BANKS
TOKYO--Japanese brokerage Daiwa Securities plans to restructure its overseas operations, with staff losses expected in New York, London and Hong Kong.
The move follows a recently announced strategic alliance with Sumitomo Bank, whereby the two will collaborate on three joint ventures--investment banking, asset management and security derivatives. The latter of these will house forex operations.
The three ventures are expected to be operational by April 1999.
Daiwa Securities has two subsidiaries
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