(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Sangjin] The Chinese securities industry is experiencing significant layoffs as part of efficiency measures in response to poor performance. In the first half of this year alone, the sector reduced its workforce by over 6,700 employees.

According to a report by China Business Network on September 1, the number of employees in 50 listed securities firms (or their parent companies) totaled 317,400, a decrease of 6,760 compared to the end of last year. More than 30% of the firms, 18 out of 50, reported a reduction in their workforce compared to the previous year.

Large securities firms have seen particularly substantial reductions. Fangzheng Securities led with the largest cut, reducing its staff by 1,381. Other major players like Zhongxin Securities, Guoxin Securities, Zhongxin Construction Investment, Guangfa Securities, and Xingye Securities also cut over 500 employees each in the first half of the year. Additionally, firms such as Guotai Junan, Haitong Securities, Zhongjin Gongsi, and Changjiang Securities saw reductions of more than 100 employees each.

The layoffs reflect broader efforts to streamline operations amid challenging market conditions.

 

 

 

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