HSBC announced internally Friday that it will be shutting its equity research team in Tokyo and consolidating such operations as part of a global research network, head of HSBC Japan group communications Paul Allen told Dow Jones Newswires.
Coverage of certain Japanese corporations and sectors will continue out of Hong Kong and South Korea, he said.
“The move is in response to the challenging economic environment. Some Japanese staff will be given redeployment options if there are suitable opportunities,” said Allen.
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