Samsung Securities says HK headcount to be more than halved

The Korean brokerage firm confirms layoffs, but refers to the exercise as a realignment of its business rather than a reversal of its Asian strategy.

Samsung Securities yesterday confirmed that it is significantly reducing its presence in Hong Kong and will shift the focus of its international business towards Korean equities. The number of employees in Hong Kong will be cut by more than half from about 100 at present, it said.

“As a result of the challenging market environment we are currently facing, we have had to make the difficult decision to reduce the headcount in our Hong Kong operation and re-align our business to ensure that we remain focused on where we can best achieve the strongest financial performance,” the Korean brokerage firm said.

However, the statement tried to tone...

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