Citic to Cut Costs by Relocating Hong Kong Bankers to Mainland, Sources Say

Chinese state-owned brokerage Citic Securities Co. Ltd. is planning to relocate some investment bankers from its Hong Kong platform CLSA Ltd. to the Chinese mainland, in a cost-cutting measure that will slash their salaries, multiple sources with knowledge of the issue told Caixin.

The first batch of roughly 70 employees, or one-third of the staff at CLSA’s investment banking division, will be asked to move to Beijing and re-sign contracts with salaries lowered to mainland levels, one source said. Those who refuse to do so will be asked to resign.