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Not-so happy new year

By Zhao Qian (Global Times)

14:09, January 07, 2013

With Spring Festival just one month away, most people are looking forward to getting their annual bonus, and happily preparing to buy presents for their family members and return to their hometowns. But one salesman, surnamed Wei, is not feeling so happy, as he will not get a bonus and may even lose his job.

Wei, 30, sells wealth management products for China Galaxy Securities, one of the country's leading brokerage firms. He told the Global Times that all his holiday allowances and his annual bonus have been canceled by his employer.

"I've heard that a certain number of our employees will be fired, and I am not sure I will keep my job," Wei said.

Wei said he did not know more details about the cutbacks, which have not been officially disclosed by the company, but "the layoffs are not rumors," he said with a sigh.

A total of 4,500 employees, or roughly 50 percent of all the staff of China Galaxy Securities, will be laid off, according to a report last month by Beijing-based China Business Journal, citing sources who declined to be named.

Liang Yalou, vice general manager of the business management department of China Galaxy Securities, declined to comment on the issue when reached by the Global Times last week.

More layoffs

Wei is one of many people working for securities brokerage firms who are facing a dilemma amid the sluggish stock market and slowdown of the economy. Several other firms in the sector, including CITIC Securities and Huatai Securities, were reported to have started layoffs late last year.

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