DUBAI: Dubai-based investment bank Shuaa Capital has cut about a dozen staff in a move to cut costs, a spokesman for the bank said yesterday. The cuts come on top of the 21 employees who left the bank in December.
"We've released about a dozen internal staff members and we've released some people who worked with us on a project basis in the back office," Shuaa spokesman Oliver Schutzmann said. "We're sensible and prudent in managing our cost base." Shuaa posted a loss of 577.4 million UAE dirhams ($157m) in the final quarter last year and said the current year was unlikely to be easy, in a sign of how the crisis has hit the Gulf financial sector with writedowns, impairments and falling revenue.
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