Shuaa Capital swung to a net quarterly loss as political unrest took a toll and the investment bank said it will cut 10.7 percent of its staff in a move to reduce costs.
Shuaa had a first-quarter net loss of 26.3 million dirhams ($7.16 million), compared with net profit of 19.5 million dirhams for the year-ago period.
The investment bank will cut 39 jobs to help generate 30 million dirhams in annualized savings, it said in a statement.
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