EFG-Hermes Holding SAE (EFGD), the biggest publicly traded Arab investment bank, is joining larger banks such as Credit Suisse Group AG (CSGN) in cutting jobs in the United Arab Emirates amid a drop in volumes and share sales.
Dubai’s top ranking brokerage is letting at least seven people go at its U.A.E. brokerage as part of measures to cut costs, according to three people familiar with the matter, who declined to be identified because the plans haven’t been made public. Seif Fikry, Chief Executive Officer of the lower Gulf Cooperation Council at EFG-Hermes, declined to comment.
Brokerages in the U.A.E. have been struggling to make ends meet as Dubai trading volumes remain near a six-year low, with the number of active businesses slumping to 49 from 98 at the end of 2008. Nine of the top 10 brokerages by value traded on the DFM, including EFG’s, posted losses in the third quarter, according to financial statements on the regulator’s website. Credit Suisse is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said this week.
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