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 in the first quarter and an $11 million loss last year. Net revenues dropped to just $1.9 million, or considerably less than the $3.2 million it paid in compensation, according to its earnings statement.
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