CLSA Ltd.’s former deputy chief executive officer and its head of compliance have joined an exodus from the Hong Kong brokerage after its state-owned Chinese parent tightened controls on decision making and tried to rein in pay.
John Sun, who was made deputy CEO last year, departed last week, following CEO Rick Gould’s exit in August after just 16 months in the top job, according to people familiar with the matter. Jaclyn Jhin, chief legal and compliance officer, also left last month, said the people, asking not to be named discussing an internal matter.
They were the last remaining executives who had served on CLSA’s senior leadership committee before a shakeup that began in 2019. The brokerage’s headcount has fallen by about 200 this year to 1,730 as of July, according to one of the people.
Citic Securities Ltd. has been tightening control over