Hong Kong's Financial Industry Faces Decline as High-Flying Bankers Struggle to Find Jobs Amid US-China Tensions
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China's economic slowdown continues to impact investment banks and law firms in Asia, leading to office closures and job cuts. The sinking blue-chip CSI300 index and lack of major stimulus have contributed to difficult market conditions. U.S. asset manager Matthews International Capital Management is the latest firm to announce the closure of its Shanghai office. Other major global financial institutions, such as Morgan Stanley, have also trimmed their teams in China. Foreign money managers in China face challenges including sluggish markets, policy uncertainty, and geopolitical tensions.
The income generated by global investment banks from equities business with Chinese clients declined by 30% to $4 billion in 2023 compared to 2022. Additionally, M&A revenue posted a 16% fall to $629 m...
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