Mirae Asset Securities slashes trading in HK, cuts jobs

The firm moves to make most of its Hong Kong sales and trading team redundant in response to poor volumes. But it denies an SCMP report it is shutting the office completely.
Mirae says poor trading conditions have forced it to scale back in HK
Mirae says poor trading conditions have forced it to scale back in HK
April 10, 2013

Korea’s Mirae Asset Securities is halving the number of staff in its Hong Kong office, cutting back its team of analysts in response to poor equity trading volume.

The move will see its 38-strong office shrink to about 20. Its Hong Kong team consists of nine analysts and fivesix sales staff, of which all are being made redundant with the possible exception of one or two analysts. At the same time its back office is being downsized.

An announcement was made to the staff in Hong Kong yesterday morning by CEO Ashley Dale. Some will leave “soon”, while the others will leave in a month of...

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