By LIZ MOYER FEB. The Chinese-owned brokerage firm CLSA Americas unexpectedly shut down its stock research unit and related functions on Monday, sending some employees and analysts scrambling to pack their things.

The firm was hiring senior research executives for its New York office as recently as last fall.

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Reached on his cellphone late Monday afternoon, Mr. Mayo declined to comment. The cuts also affected employees in sales and trading, as well as other groups, mostly in New York, and were effective immediately.

About 85 employees will remain to run trading in the Americas for clients in the United States and trading and sales for clients in Asia. Another or so research employees are in Asia and Australia.

View all New York Times newsletters. In a statement, Mr.

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Our focus research a stock brokerage firm always been to provide U. While we succeeded in this regard, the economics of providing U. Our focus now is to continue to provide our clients access to liquidity and best execution.

Citic Securities is partly owned by the Chinese-owned conglomerate Citic Ltd. It had engaged in talks with Bear Stearns in late about buying a stake, but that deal was later canceled after Bear Stearns was taken over forex pairs with low spread JPMorgan Chase in Tell us what you think.

Please upgrade your browser. Sections Forex platform for linux Search Skip to content Skip to navigation View mobile version. The New York Times window. DealBook The Brokerage Firm CLSA Shuts Part of Its U.

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