Asian broker survey: Best overall in Asia
Asian broker survey: Best equity research by country
Asian broker survey: Best equity execution by country
Asian broker survey: Best sector analysts in Asia
Asian broker survey: Methodology
These are tough times for Asian brokers. A case in point is Crédit Lyonnais Securities Asia, the highly rated regional broker that cut senior management's salaries by 20% this year. "The highest paid took the biggest cut, while the lowest paid got a 1% cut," says the firm's director of research, Edmund Bradley.
The local firms are having a tough time of it. Indosuez WI Carr cut 10% of its workforce going into 1998 in order to offer "a leaner, client-focused approach to Asian equities" and the most heavily staffed firm, Jardine Fleming, has been quietly trimming too.
The plunge of Asia's 15 regional stock markets helped contribute to one of the worst numbers in Jardine Fleming's history, a profit of only $19 million. Nor does it look as if things are about to improve. As Hong Kong-based broking head Christopher Rampton puts it: "This year is very much about enhancing the franchise rather than enhanced earnings per share.