Sumitomo Mitsui Hiring Barclays Private Bankers as Ties End
- About 20 people to join bank’s SMBC Nikko unit in April
- Will pay as much as 12 billion yen to terminate partnership
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Sumitomo Mitsui Financial Group Inc. will hire about 20 private bankers from Barclays Plc in Japan as the two companies end a six-year alliance and the U.K. bank scales back its wealth-management business in the country.
The bankers will join the lender’s brokerage unit in April, said Kouichi Shibata, a spokesman for SMBC Nikko Securities Inc. in Tokyo. SMBC Nikko will pay as much as 12 billion yen ($104 million) to Barclays to terminate the partnership, he said in an interview.