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Hong Kong-based CLSA CEO resigns

Jonathan Slone resigned as CEO of CLSA Ltd., as its parent company CITIC Securities Co. Ltd. seeks to revamp the Hong Kong-based brokerage's daily operations, Reuters reported March 20, citing people with direct knowledge of the matter.

Slone's departure comes two weeks after Tang Zhenyi resigned as chairman of the brokerage. It also came after a 60% decrease in CLSA 2018 bonus pool and several other recent changes initiated by CITIC Securities, Bloomberg News separately reported, citing sources.

Sources said the resignations were due to CITIC Securities' assuming more control over the brokerage's operations. The exits could mean another change in strategy at CLSA, which is seen as CITIC Securities' international arm. CLSA has pushed into investment banking in recent years as competition squeezed profits from its equity broking and research businesses.

A CLSA spokeswoman confirmed Slone's departure but declined to disclose reasons or comment on other departures, Reuters reported.