Citadel Investment Group is closing its Tokyo office and laying off 12 people there, as well as another 25 in Hong Kong, Reuters reports. Going forward, all of its Asian operations will be run out of the Hong Kong office, which will be left with a staff of between 25 and 30 people.

“We continue to evolve the business to focus on the greatest potential opportunities and to scale back where the opportunity set is no longer as attractive,” said Citadel spokeswoman Katie Spring.

The news comes on top of a report last month that Citadel is shutting a reinsurance subsidiary in Bermuda.

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