Tiger Brokers New Zealand is proposing to cut between 15 and 20 jobs, representing between 30% and 40% of its approximately 50-strong workforce.
The restructuring proposal follows a fine exceeding $100 million paid by parent company UP Fintech to the China Securities Regulatory Commission for illegal activities in China. Staff were being consulted on the proposed cuts this week.
Tiger Brokers New Zealand said "at this stage, the restructuring is a proposal and no final decisions have been made". The company added its "business will continue to operate within the boundaries required by relevant law".
The platform has been present in New Zealand for more than 10 years and generates more than NZ$61 billion in online trades annually. It operates as part of the global group owned by NASDAQ-listed UP Fintech.
Tiger Brokers NZ was the only UP Fintech subsidiary to be fined after China restricted residents from sending more than $50,000 annually overseas. Managing director Vincent Cheung had previously said the global group's financial position remained sound and the NZ business would continue as normal.