China's Citic cuts around dozen investment bankers in Hong Kong, sources say
By Selena Li
HONG KONG, May 7 (Reuters) -China's CITIC Securities 600030.SS is cutting around a dozen investment banking jobs in Hong Kong, as slower listing and dealmaking activities pressured the firm to reduce costs, according to two sources with knowledge of the matter.
The firm's offshore platform CLSA notified around 10 bankers on Tuesday and by the end of the week about a dozen of bankers will be impacted, the sources said.
The layoffs this week are in addition to about five investment banking job cuts in March at CLSA, according to the sources.
Both sources declined to be named as they are not authorised to speak to media.
CLSA did not immediately respond to Reuters request for comment.
The job cuts was first reported by International Financing Review on Tuesday.
CITIC's Chinese peer China International Capital Corp (CICC) 3908.HK also may reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter told Reuters.
Reporting by Selena Li, Editing by Louise Heavens
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