China’s Biggest Securities Brokerage Stumbles in Global Push
- CLSA has seen over 750 employees quit in the past two years
- Trading income from major client BlackRock slumps 30%: person
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Citic Securities Co.’s dream of going toe-to-toe with Wall Street’s powerhouses in global finance is fizzling over troubles at its once free-wheeling Hong Kong operations.
CLSA, acquired by Citic a decade ago to spearhead the Chinese broker’s international expansion, has seen more than 750 employees, or about a third of the staff, quit since 2021 after increasing clashes between its Beijing and Hong Kong workers, cuts in pay and budgets as well as management issues, said people familiar with the matter.