Sumitomo Mitsui to shift as many as 500 workers to Jefferies joint venture

Japanese financial group to integrate equity business in home market with US investment bank

Sumitomo Mitsui Financial Group and Jefferies will form a new joint venture with SMFG's additional infusion into the U.S. investment bank. © AP

MASAYUKI SHIKATA

September 20, 2025 00:16 JST

TOKYO -- Sumitomo Mitsui Financial Group will transfer about 400 to 500 staff, including administrative workers, from its SMBC Nikko Securities unit to a new joint venture with U.S. investment bank Jefferies, as the Japanese group looks to expand its presence in major corporate deals worldwide.