Daiwa Capital Markets cuts 100 jobs in Hong Kong


Tokyo-based brokerage firm Daiwa Capital Markets is laying off about 100 staff in Hong Kong, representing a third of its workforce in the city, with the majority from its investment banking department, the Hong Kong Economic Journal reported Wednesday, citing an unnamed source.

The report quoted the source as saying that the staff affected by the layoff won't receive the bonus for 2011 and the brokerage has yet to complete the layoff.

Source: Market Watch