Sumitomo Mitsui Wants Wall Street Bankers for US Expansion
- SMFG looks to strengthen areas such as fixed-income trading
- Japan bank considering becoming primary dealer for Treasuries
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Sumitomo Mitsui Financial Group Inc. is on the hunt for bankers in the US, looking past the recent turmoil and concerns about an economic slowdown to accelerate its North American expansion plans.
The newly appointed head of the Japanese firm’s core banking unit says the downturn in the global economy will help it attract talent as it seeks to boost areas like sales and trading. Japan’s second-largest bank is also studying requirements to become a US primary dealer, the select group that bids at Treasury bond auctions.