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China's leading securities brokerages downsize on bleak market


09:31, December 10, 2012

BEIJING, Dec. 8 (Xinhua) -- With the "economic barometer" of the world's second-largest economy giving its weakest reading since 2009, China's major securities brokerage firms are saying goodbye to talents they treasured when the stock market was booming.

Personnel with the investment banking departments of the country's second-largest broker, CITIC Securities, caught a chill in Beijing this winter when 5 to 10 percent of the 710 employees in these departments were affected by a new wave of job cuts that kicked off in November, local media reported.

"The downsizing this time will cover a wider range of departments and involve more staff than last year's adjustment in personnel structure," a senior manager who declined to be named was quoted as saying in the edition of Caijing Magazine published earlier this week.

CITIC pledged to offer each laid-off employee five-months' salary and a "loyalty bonus" as compensation.

According to the company's third quarter financial report, CITIC's revenue tumbled 14 percent year on year to 8.15 billion yuan (1.3 billion U.S. dollars) in the first three quarters of 2012.

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