CLSA Ltd., the Hong Kong-based brokerage owned by China’s Citic Securities Co. (600030.CN), is cutting jobs in Asia, following reductions by banks including Standard Chartered Plc and Nomura Holdings Inc.
About 25 CLSA staff, mainly in equities, are affected – roughly 2 percent of the firm’s global workforce – Bloomberg reported, citing an unnamed source.
The cuts come after the brokerage hired Andrew Low, formerly of Macquarie Group Ltd., to build the firm’s international investment banking business.
Equities will remain the biggest contributor to the firm’s revenue, the report said.
Standard Chartered said Jan. 8 it was closing its unprofitable institutional equities business, eliminating 200 jobs, mostly in Asia.
Nomura cut about 12 Asia equities jobs this week.
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