Citic Securities Co.’s dream of going head-to-head with the Wall Road powerhouses in world finance has been dashed amid troubles at its once-idle Hong Kong operations.
CLSA, which was acquired by Citic a decade in the past to spearhead the Chinese language dealer’s worldwide enlargement, has laid off greater than 750 workers, or a couple of third of the workforce, since 2021 after rising clashes between its employees in Beijing and Hong Kong, wage and price range cuts, in addition to administration points, individuals conversant in the matter stated.