Euromoney, March 2017
CLSA’s decision to quit US equity research should come as no surprise to anyone who read February’s interview with CEO Jonathan Slone in Euromoney.
This week, the Hong Kong-based, Citic Securities-owned brokerage said it would lay off 90 staff in the US – by far the most well-known of whom is Mike Mayo, the sabre-toothed banking analyst and scourge of Wall Street banks. The US operation won’t close completely, but will instead handle equities execution and trading rather than research, and will expand in fixed income trading.
The research operation was always up against it in a market where bigger homegrown bulge-bracket banks dominate research, and where everyone is finding it much harder to earn a living out of researchí anyway.
Read more? Full article: http://www.euromoney.com/Article/3666105/Asia-Why-CLSA-had-to-call-time-on-US-research