Sumitomo And Sakura Merger Job Losses "Minimal" In Forex

NEWS

LONDON -- FX job losses resulting from the April merger of Sumitomo Bank and Sakura Bank were minimal in London, senior chief dealer at the merged bank Colin Clarkson told FX Week.

"There were some casualties on both sides," said Clarkson, "but a voluntary severance programme made the impact quite minimal. It’s been a smooth transition."

Sumitomo and Sakura completed their merger on April 1 to form Sumitomo Mitsui Banking Corporation (SMBC).

Clarkson declined to say how many staff had left, and

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