Beijing-based Citi Securities continues to tighten controls on CLSA with the reported exit of five out of eight of its institutional bond sales team.
The latest departures are part of ongoing efforts by CSLA owner Citic to tighten control and reduce risk, according to a «Bloomberg» report citing unnamed sources, including reduction of balance sheet for the fixed income business.
In addition, director Tom Carlone, associate directors, Luke Yang and Gary Lam, as well as associates, Chris Wai and Cherry Chan, have all left in the past two months, the report added.
A spokesperson for CLSA did not confirm or deny the staff departures.
Headcount Plunge
CLSA, which was acquired by Citic in 2013, has seen a number of exits after ex-deputy chief John Sun left the brokerage last year.
In the first half of 2020, CLSA reportedly already saw its headcount drop 200 to reach 1,730.
