Securities firm Keefe Bruyette & Woods is in the process of closing its operations in Hong Kong and Tokyo to focus on core businesses in the US and Europe, following its acquisition by Stifel Financials.
The shutdown is expected to result in about 20 job losses and cost about US$4 million, mostly in severance payouts.
Stifel Financials, a United States-focused brokerage and investment bank, agreed to buy KBW in a cash-and-stock deal for about US$575 million to create a middle-market investment bank focused on the financial services industry.
via Business feed http://www.scmp.com/business/companies/article/1079010/kbw-close-hong-kong-office-after-sale
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