Brokerage CLSA said to cut about 25 jobs across business, mostly in Asia

HONG KONG (Bloomberg) - CLSA, the brokerage owned by China's Citic Securities Co., cut about 25 jobs, mostly in Asia, a person with knowledge of the matter said.

The businesses affected include equities, front office and back office, with the reductions amounting to about 2 per cent of the firm's global workforce, the person said. Chairman Jonathan Slone declined to comment.

The banking industry will eliminate more jobs this year as the bloodletting that started during the 2008 financial crisis is prolonged, according to a quarterly Bloomberg Global Poll released o Thursday (Jan 22). Nomura Holdings has reduced equities jobs in Hong Kong, a person with knowledge of the matter said this week, while Standard Chartered is exiting institutional equities.

In the Bloomberg poll, 21 per cent of respondents said most of the reductions will be in Europe and 1 per cent said they'd be concentrated in the U.S. Only 8 per cent expected banks to add jobs this year.

CLSA, with its headquarters in Hong Kong, had 1,500 employees located in 21 cities across Asia, Europe and the U.S. it was reported last year.