Penson Worldwide is winding up its Asian operations, Financial News reports. The second largest securities clearing brokerage in the U.S. has seen its net loss mount to $30.2 million for the second quarter of this year, sharply up $7.4 million for the year-ago period. It had unveiled strategic initiatives in August to get back to profitability while expanding its capital base and bolstering its balance sheet.
The Asia offices extend local services for U.S.-bound order flow. The closure move will affect some 10 positions in Tokyo, Hong Kong and Singapore in sales, project management and support.
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