RenCap cuts 12% but denies HK closure

31 May 2012

Renaissance Capital is cutting 12% of its investment banking workforce globally, but this week denied rumours that it was shutting its Hong Kong office. Two sources at RenCap said that the staff reductions were expected to be made this week.

"The organisational changes at Renaissance Capital in Asia are in line with the adjustments that the firm is currently making to its business model globally on the back of the current market environment," the firm said in a statement. "Renaissance Capital remains committed to Asia, with a team ...

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