Global banks are scaling back their expansion plans, leading to a decrease in deals and more free time for rainmakers in Hong Kong. Additionally, a key China stock index is on track for a third year of losses.
Amidst this gloom, Daiwa Securities Group Inc., a $10 billion broker with global ambitions, remains optimistic about business in the world’s second-largest economy. The company’s chief executive officer expressed confidence in turning around their business in China within the next two years, providing a rare note of optimism in the current environment.