The merger of Fuji Bank, IBJ and Da-Ichi Kangyo (DKB) in April to form Mizuho Financial Group, as well as the poor state of the Japanese economy, has resulted in further trimming of costs and the laying off of Mizuho’s London loans syndication officer, Glenn Cabrelli.
Cabrelli was at DKB and Mizuho for two years and at Bank of America before that. He was the only surviving member of DKB’s syndications team kept on within Mizuho.
One London trade financier comments: “It’s a sad story when someone of Glenn’s experience and ability is laid off. It just goes to show what a state some Japanese banks are in.”
Fuji Bank was traditionally the stronger on the syndications side; IBJ dominated in project finance; and DKB was stronger in international corporate finance.