Discover your dream Career
For Recruiters

Haitong Securities International said to be eyeing revamp

The brokerage is understood to have closed its fixed income, commodities and currencies (FICC) desk in New York and has cut back risk on its desks in Hong Kong and mainland China, creating uncertainty about its future strategy.

Sources say that senior management took the decision after performance at the division is said to have suffered last year while there has also been a reshuffle of senior management.

Earlier this year Wesley Kong, who was previously co-head of markets in charge of FICC, left to join Sino-Ocean Capital where he is now head of capital markets.

As a result Henry Shi, who previously looked after equities as Kong’s co-head,  is now head of markets.

Haitong has been hiring in its fixed income business in Hong Kong until very recently.  In April it recruited Alex Yeung as a senior vice president in Asia credit flow trading from Standard Charted, according to his LinkedIn profile.

There is no suggestion that Haitong will close its FICC operations in Asia, but it is understood to be assessing the size of the business. One source in Hong Kong compared the situation to rival CLSA, which cut back risk limits in FICC earlier this year, but is now back hiring again.

Haitong Securities did not respond to requests for comment.

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORDavid Rothnie Insider Comment

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Latest Jobs
State Street Corporation
CRD Summer 2024 Marketing Internship, CRD, Intern
State Street Corporation
Burlington, United States
Excelsior Search
Senior Sales Executive – Private Markets SaaS Solutions
Excelsior Search
Los Angeles, United States
Excelsior Search
Senior Sales Executive - Market Data SaaS Fintech
Excelsior Search
New York, United States
Excelsior Search
Sales Manager - Credit Portfolio Management Technology
Excelsior Search
New York, United States

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.