Lippo Securities

The broking arm of HKCB Holding, Lippo Securities, has completed its staff rationalisation and cut its staff by 20 to 170 in the past six months, Lippo managing director John Lee Luen-wai said.

Speaking after the extraordinary general meeting of Lippo China Resources, which effectively controls HKCB Holding, Mr Lee said he did not foresee further lay-offs. He said the streamlined structure did not affect the firm's daily operation as most redundancies concerned back-office staff.

Mr Lee denied the company was operating at a loss.

'The operation in July is still profitable though the profit is decreasing,' he said.