Several major Chinese investment banks in Hong Kong, including Haitong International and CMB International have downsized its investment and equity capital departments due to the city’s muter IPO market, reported Financial Times, citing bankers.
Haitong International has made a series of lay-offs across all departments in recent weeks, while China Merchants Bank International laid off about 10 investment banking staff last month, according to the report.
Guotai Junan International, the Hong Kong arm of the mainland investment bank group Guotai Junan Securities, laid off several of its fixed income and IPO principals in early June, the report added.
Some bond financing bankers have been transferred to equity research departments, it said.
Read the original report: https://www.ft.com/content/a7867189-6ad5-4eb7-9b06-d4be9301ba4e