These are tough times for Asian brokers. A case in point is Crédit Lyonnais Securities Asia, the highly rated regional broker that cut senior management's salaries by 20% this year. "The highest paid took the biggest cut, while the lowest paid got a 1% cut," says the firm's director of research, Edmund Bradley.
The local firms are having a tough time of it. Indosuez WI Carr cut 10% of its workforce going into 1998 in order to offer "a leaner, client-focused approach to Asian equities" and the most heavily staffed firm, Jardine Fleming, has been quietly trimming too.
The plunge of Asia's 15 regional stock markets helped contribute to one of the worst...
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