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First you hire, then you gently let go of some existing people.

Bank that hired team of expensive traders cuts existing staff

It's the way of the world. After reportedly hiring a costly team of traders from MUFG in New York, we understand that Japanese rival Sumitomo Mitsui Banking Corporation (SMBC) has been trimming a few of the traders it's already got. 

As we reported last week, SMBC is understood to have Steve Feinberg and five others from MUFG. Feinberg was MUFG's global head of credit trading. He and the other credit traders left MUFG on September 29th according to their FINRA profiles. 

With the new team arriving in January, SMBC is understood to be making space among its existing employees before the end of the year. We understand that five or six traders were let go last week and that further cuts are coming. 

SMBC didn't comment on the exits. The staff named as leaving are still registered with the bank on the FINRA database.

The apparent layoffs come as market intelligence firm Coalition says banks' credit traders are heading for their worst year since 2012. By comparison, rates traders, FX traders and commodities traders are having a great 2022. 

Michael Nelson, head of markets search at Quest Group in New York City, said the changes in the credit markets will be a "roadblock" for traders who want to move to competitors. However, during markets like these Nelson said it's not uncommon to see banks reenter the credit trading business or hire new leaders and teams.

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AUTHORSarah Butcher Global Editor
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