Core Viewpoint - The article discusses the reduction in employee numbers among foreign securities firms in China for 2024, highlighting that this is not indicative of a strategic shift but rather a response to market conditions and policy changes [1][8]. Employee Reduction - Foreign securities firms in China have seen an average employee reduction of 10% in 2024, with notable exceptions like 法巴证券 (French bank) which has not yet commenced operations [2]. - Specific firms such as 高盛 (Goldman Sachs) and 瑞银 (UBS) reported employee reductions of 10.63% and 11.23% respectively, despite significant profit increases [2][4]. - The largest reduction was observed at 瑞信证券 (Credit Suisse), which saw an 18.25% decrease in staff [2]. Business Focus and Adjustments - Different foreign securities firms have varying focuses; for instance, 高盛 and 摩根大通 (J.P. Morgan) prioritize investment banking, while 野村东方国际证券 (Nomura) and 东亚前海证券 (East Asia Qianhai) focus more on brokerage services [4][5]. - The brokerage divisions of 野村 and 东亚前海 experienced significant staff reductions of 41% and 24% respectively [5]. - 瑞银 has a strong emphasis on research, with 22.9% of its staff dedicated to this area, indicating a strategic focus on research capabilities [4]. Market Conditions and Future Outlook - The reduction in staff is attributed to industry cycles and short-term policy impacts, rather than a long-term strategic withdrawal from the Chinese market [8]. - Following the introduction of the 9.24 policy package, there has been a notable increase in market activity, prompting foreign institutions to reassess and increase their investments in China [1][8]. - Firms like 瑞银 and 摩根大通 are actively seeking to expand their operations in China, with 瑞银 aiming for full ownership of its securities arm and 摩根大通 restarting recruitment efforts [8][7].