China’s CITIC Securities trims H. Kong jobs

China’s CITIC Securities is laying off around a dozen investment banking jobs in Hong Kong, as a slowdown in listings and dealmaking activity compels the firm to cut costs, Reuter reported on Tuesday, citing sources with knowledge of the matter.

The cuts, primarily impacting CITIC’s offshore platform CLSA, come on the heels of approximately five investment banking positions eliminated in March.

By the end of this week, roughly ten additional bankers will be notified, bringing the total to a dozen.

These sources, who requested anonymity due to confidentiality restrictions, did not elaborate on specific roles affected. CLSA has not yet responded to a request for comment from Reuters.

The news aligns with broader trends in Hong Kong’s financial sector.

CITIC’s peer, China International Capital Corp (CICC), is also reportedly considering a headcount reduction of at least 10 per cent within its investment banking division this year, according to separate sources.