Shuaa Capital PSC scaled back its research department, making five staff members redundant and redeploying others, as the investment bank controlled by Dubai’s ruler cuts costs, the company said.
“We have scaled back to reduce costs, in line with Shuaa’s rightsizing programme and repositioning of the brokerage platform,” Oliver Schutzmann, the company’s chief communications officer, told Bloomberg by telephone today.
Shuaa Capital is moving away from the retail brokerage business after markets in its home base declined and losses mounted. The company, which hired former Credit Suisse Group AG board member Michael Philipp as chief executive officer in October, said in November a first phase of job cuts would affect 29 people. The company had a third-quarter loss of Dh156.2 million ($42.5m) after booking provisions.
No comments:
Post a Comment