EFG Hermes will cut costs further after posting second-quarter loss - The National:
"EFG Hermes, the Middle East's leading investment bank, has vowed to push ahead with cost-cutting after reporting a second quarter loss of 29 million Egyptian pounds (Dh15.2m).
In an earnings statement released yesterday, the bank said its performance had been dented by impairment charges of 246.7m pounds, some linked to legacy investments.
The loss follows a 71.2m pound profit in the same period of last year. But the bank said it remained focused on cost cutting through reducing its head count and selling non-core assets. The aim was to reduce operating costs to 500m pounds next year."
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