Sumitomo Mitsui Hiring Barclays Private Bankers as Ties End

Sumitomo Mitsui Financial Group Inc. will hire about 20 private bankers from Barclays Plc in Japan as the two companies end a six-year alliance and the U.K. bank scales back its wealth-management business in the country. The bankers will join the lender’s brokerage unit in April, said Kouichi Shibata, a spokesman for SMBC Nikko Securities Inc. in Tokyo.