Sumitomo Mitsui eyes Wall Street for expansion

Top man: Fukutome speaks during the company’s induction ceremony in Tokyo. The choice of the new chief executive officer marks an unusual ascension path at one of Japan’s major banks that typically promote longstanding executives. — Bloomberg

TOKYO: Sumitomo Mitsui Financial Group Inc is on the hunt for bankers in the United States, looking past the recent turmoil and concerns about an economic slowdown to accelerate its North American expansion plans.

The newly appointed head of the Japanese firm’s core banking unit says the downturn in the global economy will help it attract talent as it seeks to boost areas like sales and trading.