Chinese investment bank Haitong has continued to shrink its London operation in the wake of ongoing losses, and has cut headcount by 84% over the past two years.

Haitong Bank, formed when the Chinese group took over the investment banking arm of Banco Espirito Santo three years ago, has posted a loss of more than £9m for its UK operations for the year to December 2017, according to accounts posted on Companies House on November 5.