Western financial institutions in China have cut their investment banking workforce by the most in years after a market slowdown hit profits and halted years of expansion in the country.
The cuts in 2023 came as five of the seven Chinese securities units that are part of Wall Street and European banks either made a loss or reported tumbling profits, according to recently released annual reports. The seven units employed 1,781 people last year, a fall of 13 per cent from 2022.
China’s capital markets activity has slowed in a weaker economy dominated by a prolonged property slowdown and the fallout from rising geopolitical tension between Washington and Beijing.
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