HONG KONG: Europe’s Turmoil Hits Asia’s Samsung

Widespread rumors have it that Samsung Securities Co., the South Korean multinational media technology corporation, is planning to shut down some of its overseas offices.  Samsung has not disclosed this plan publicly.

The company’s Hong Kong office, which opened in April 2001, is one that the company allegedly plans to axe. With an estimated 100 employees, its Hong Kong office is Samsung’s largest outside of Korea.  Rumor has it that joining Hong Kong in the corporate downsizing is Samsung’s Singapore office with a small handful of employees.

These cuts are viewed as the sad result of Europe’s credit crisis and the added toll on advisory fees and trading income that has resulted from the turmoil.  Samsung Securities’ Japanese rival, Daiwa Securities Group Inc., will also be forced to cut jobs – in this case 200.

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