Piper Jaffray exiting Hong Kong as losses mount

The US investment bank announced its intention to quit Hong Kong yesterday as it revealed another round of disappointing results.

Piper Jaffray exiting Hong Kong as losses mount
Piper Jaffray: quitting Hong Kong

Piper Jaffray, a mid-size US investment bank, said yesterday that it is pulling out of Hong Kong due to continued losses in its capital markets business in the city. It is planning to exit by the end of September, either by shutting down the office or, if it can find a buyer, selling the operation.

The bank’s Hong Kong capital markets business lost $3.9 million during the second quarter, after a $2.9 million loss...

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