Market professionals shift jobs into security, cabbing and school tutors.
Hong Kong, Asia’s second-biggest stock market, may see 25% of its local brokerages close as trading and fees plunge, and competition from banks intensifies, a securities association said.
Bloomberg News reports that the number of local broking firms may decline to 300 from about 400 in the next five years, Mofiz Chan, a spokesman of the Hong Kong Securities & Futures Professionals Association, said in a telephone interview.
'There are many people taking part-time jobs or completely moving out of the industry', Chan said. 'Many of our members have needed to shift into other jobs such as security, taxi drivers or tutors for primary school students'.
Eleven brokerages have ceased trading this year, according to filings posted on the website of the Hong Kong stock exchange. King Fook Securities, established in 1971, said it will close at the end of this month.
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