Samsung Securities is shutting down almost all of its operations outside Korea, putting a stop to an aggressive expansion that had aimed to create a leading regional player in Asia by 2015 and one of the top 10 financial players worldwide by 2020. The decision, which came as a shock both to employees and the market, was communicated internally yesterday afternoon and sources said a formal announcement will be issued this morning.
The difficult market conditions and expectations of a continued poor operating environment were referred to as key reasons for the drastic move, the sources said. However, the firm had been hiring up until the end of last year,...
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