Brokerages forced to lay off workers
By Hu Xiaocen |
October 30, 2012, Tuesday
|
Print Edition
Print Edition
A weak stock market and smaller size of initial public offerings are forcing top Chinese mainland brokerages to lay off employees to cut costs.
There was a nearly 40-percent tumble in the number of IPOs to 152 this year amid an economic downturn. The Shanghai Composite Index has lost 6.4 percent this year so far.
CITIC Securities Co, China's biggest listed broker, is reportedly planning to trim 10 to 20 percent of its investment banking staff, sources said. The move comes after China International Capital Corp, the country's top investment bank, cut the number of its licensed equity sponsors. Other major brokers, such as Guotai Jun'an Securities, have slashed salaries and bonuses for employees this year.
CITIC Securities denied the news, widely reported yesterday by web media, which said the broker may start to lay off up to 30 percent of staff, ranging from managing directors, executive directors and senior managers, from the end of this month. Its spokesman, however, said there will be a usual annual internal staff adjustment. Meanwhile salaries will be cut by 10-30 percent, Sina.com said, citing unnamed sources.
China International Capital Corp decided to lay off 40 staff last week, about 10 percent of its total head count, while others may face a salary cut of 20 to 30 percent, according to earlier media reports.
There was a nearly 40-percent tumble in the number of IPOs to 152 this year amid an economic downturn. The Shanghai Composite Index has lost 6.4 percent this year so far.
CITIC Securities Co, China's biggest listed broker, is reportedly planning to trim 10 to 20 percent of its investment banking staff, sources said. The move comes after China International Capital Corp, the country's top investment bank, cut the number of its licensed equity sponsors. Other major brokers, such as Guotai Jun'an Securities, have slashed salaries and bonuses for employees this year.
CITIC Securities denied the news, widely reported yesterday by web media, which said the broker may start to lay off up to 30 percent of staff, ranging from managing directors, executive directors and senior managers, from the end of this month. Its spokesman, however, said there will be a usual annual internal staff adjustment. Meanwhile salaries will be cut by 10-30 percent, Sina.com said, citing unnamed sources.
China International Capital Corp decided to lay off 40 staff last week, about 10 percent of its total head count, while others may face a salary cut of 20 to 30 percent, according to earlier media reports.
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