HONG KONG
From Times Staff and Wire Reports
Ailing Brokerage Will Close: In the latest upheaval in the brokerage industry here, County Natwest Securities Asia Ltd. will announce today plans to close its Hong Kong brokerage and lay off 70 staffers. Meanwhile, NV Pierson, Heldring & Pierson, the merchant banking arm of Abn-Amro Holding NV, disclosed that its regional manager has resigned and others have been fired for what it termed “unauthorized transactions” in the securities market. The moves follow waves of layoffs at a number of struggling brokerages owned mostly by major U.S. and European banks.
