Egyptian investment bank EFG Hermes said it was cutting back bonuses to reduce costs by more than 20 percent this year.
"As part of a strategy to make the organisation leaner and with a target of cutting costs in 2011 by over 20 percent, the firm has elected to be aggressive with cuts to its bonuses in 2010," it said.
EFG Hermes also said it had appointed Seif Fikry, who has worked for the Cairo-based investment bank for 14 years, as chief executive for the Gulf Arab states excluding Saudi Arabia.
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