I see a selling climax building up,' said Baring Securities' Nick Cant.

In the last year, Baring Securities' staff here has declined from 265 people to fewer than 200.

"The market is very dependent right now on getting an economic recovery," said Geoffrey Barker, the chief economist here with Baring Securities.

"The market won't disappear, but it will never be so profitable again," said Mark Hatcher, a director of Baring Securities.

"That's a joke," said Alan Bell, deputy head of research at Baring Securities here.

"This is much more significant than a one-time pop," said Geoffrey Barker, chief of research here for Baring Securities.

Between 1987 and 1989, Baring Securities was contributing as much as 80 percent to the group's overall profit.

Bank insiders say the reorganization plan was resisted by Baring Securities and never became a reality.

She is an assistant director of research at Baring Securities in Hong Kong.

"Psychologically, yeah, this has an impact on the company," said Joseph Osha, an analyst here with Baring Securities.