Tiger Brokers proposes major staff cuts after $100m fine

New Zealand's largest online brokerage firm Tiger Brokers is planning to shed between 30 and 40 percent of its staff after paying a fine of more than $100 million for illegal activities in China.

"At this stage, the restructuring is a proposal and no final decisions have been made," Tiger Brokers New Zealand said in a statement to RNZ.

The company said the New Zealand "business will continue to operate within the boundaries required by relevant law".

Tiger Brokers told RNZ earlier this month it would pay the fine levied by the China Securities Regulatory Commission, though it would be business as usual for the New Zealand firm.

Tiger Brokers NZ employed about 50 people and had operated in New Zealand for more than a decade, generating more than US$35 billion (NZ$61b) a year in online trades.

The New Zealand business was part of NASDAQ-listed UP Fintech's global group of companies, but it was the only subsidiary to be fined after China tightened regulations that restricted residents of China from sending more than US$50,000 year overseas.

Tiger Brokers NZ managing director Vincent Cheung previously told RNZ the global group's financial position remained sound and the New Zealand business would continue as normal.

New Zealand staff were being consulted this week about the proposed job cuts.