Yam warns of more sackings to come
21-04-2009
The head of the Hong Kong Monetary Authority, Joseph Yam, has described last year's economic turmoil as "the worst in his lifetime".
Writing in the authority's annual report, Mr Yam warned of more sackings in the financial services sector, as firms are expected to streamline their business and delay expansion plans in light of economic uncertainty.
The report also said that asset quality of banks could worsen, meaning the banks could make more provisions for bad debts. But Mr Yam expressed confidence that the banking system could weather the storm.
