On November 21, Blue Whale News (reporter Wang Wanying), the wave of layoffs among securities firms spread to Futu Holdings (hereinafter referred to as "Futu"), an Internet securities firm. The reporter noticed that recently, the news of Futu cutting 40% -60% by the end of the year has been fermenting on social media and has become a hot topic on relevant platforms.
(social media)
A netizen revealed that Futu will lay off 40% -60% of its employees at the end of the year, without n+1. "After chatting, I will immediately go offline and leave. There will be no handover or transition period, and if asked, it will be a strategic direction adjustment. If n+1 is not available, it will not be available at the end of the year, let alone options and stocks If you don't agree, then you can arbitrate
(social media)
Some netizens further posted, "I just laid off a batch of employees yesterday, and I will continue to lay off employees today." "Be prepared to be a screw that can be replaced at any time, even if you have urgent work on hand, it may be your turn
(social media)
However, there are also comments questioning the blogger's exaggeration of the layoff rate, stating that "this layoff is less than 10%." But it also indirectly confirms that Futu has indeed taken layoffs.
(social media)
At the same time, there are also many job postings on social media platforms that say 'take in heartbroken classmates from Futu'.
(social media)
In response, the relevant person in charge of Futu stated in an interview with Blue Whale News that there have been social posts on the internet recently about Futu's significant layoffs. This post contains untrue content. We hope everyone does not believe the rumors and does not spread them. Recently, the company has made organizational restructuring to further expand its overseas business and improve operational efficiency. During the adjustment process, there were both new positions and optimization of some existing positions. The personnel turnover involved accounted for about 5% of the total number of employees in the company, which is a normal business iteration of the company. In the future, Futu will continue to focus on its core business, innovate continuously, enhance market competitiveness, and ensure the company's long-term stable development in a changing environment.
On November 19th, Futu released its unaudited financial report for the third quarter of 2024. The total revenue for the third quarter was HKD 3.4361 billion (USD 442.3 million), a year-on-year increase of 29.6%; Adjusted net profit was HKD 1.3984 billion (USD 180 million), a year-on-year increase of 20.8%.
At that time, Li Hua, founder, chairman, chief executive officer and chairman of the technical committee of Futu Holdings, said that the continued strength of US stocks in the third quarter and the rise of Chinese assets at the end of the quarter had driven the atmosphere and activity of platform trading. In addition, it is expected that the number of new paying customers will exceed 550000 throughout 2024. (Blue Whale News, Wang Wanying)
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