Jun
01
Bank of East Asia Closes Brokerage Outlets to Lower Expenses
By-
Lender to shut all of securities unit’s retail branches
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BEA to cut jobs equal to 3.8% of Hong Kong headcount
Bank of East Asia Ltd., the largest family-run bank listed in Hong Kong, has embarked on a cost-cutting effort that will see the lender close all of its securities unit’s branches and shed about 180 jobs.
The bank will shut East Asia Securities Co.’s 22 retail outlets in Hong Kong by July 8, BEA said in an e-mailed statement Thursday. Following a review of its businesses, the lender will seek to streamline its operations through various means including automation, it said. The resulting job cuts account for 3.8 percent of the bank’s headcount in Hong Kong, the company said…
Bank of East Asia Closes Brokerage Outlets to Lower Expenses
