WI Carr shuts down

A sad day for the markets as Credit Agricole Indosuez decides to shut its Asian equities business, Indosuez WI Carr.

In a move that has surprised few, but saddened many, French bank Credit Agricole Indosuez has decided to close down its venerable Asian equities business, Indosuez WI Carr. The move means that at least 350 staff in its non-Japan Asia offices will lose their jobs with immediate effect.

According to bankers close to the brokerage, CAI had been trying to find a buyer for the business up until the last few weeks but when none was forthcoming, the hard decision was made to close the firm.

WI Carr was one of the first UK brokerages to open in Asia, when in 1969 it opened its Hong Kong office, WI Carr Sons Overseas. It was soon...

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