China International Capital Corporation Limited (CNICF)
- Reuters
WRAPUP 1-CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall
Two Chinese companies and JPMorgan have become the latest banking groups to cut jobs in China as a slow recovery in listing and dealmaking activities force them to ramp up cost controls, six sources with knowledge of the matter said. Beijing-based China International Capital Corp (CICC) is planning to reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter told Reuters.
- Reuters
CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall
HONG KONG (Reuters) -Two Chinese companies and JPMorgan have become the latest banking groups to cut jobs in China as a slow recovery in listing and dealmaking activities force them to ramp up cost controls, six sources with knowledge of the matter said. Beijing-based China International Capital Corp (CICC) is planning to reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter told Reuters. Peer CITIC Securities is cutting around a dozen investment banking jobs in Hong Kong, according to two other sources.
- Reuters
Exclusive-China's CICC may cut investment banking headcount by at least 10% this year, sources say
China International Capital Corp (CICC) may reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter said, as a capital market downturn and sluggish economy darken prospects. Beijing-based CICC, which had about 2,400 investment banking staff at the end of 2023, is considering cuts among its dealmakers at home and offshore within the year, the people said. CICC is also considering downsizing its onshore investment banking by one-third between 2024 and 2026, with an annual turnover rate of about 13%, one of the people said.
