Shuaa Capital to make substantial job cuts
The Dubai-based investment bank, which made a third quarter loss of Dh156.2 million, said it had entered phase two of its cost reduction programme
Shuaa Capital plans to make substantial job cuts as it places less emphasis on its retail business, the company said in a statement to Dubai's bourse on Sunday.
The Dubai-based investment bank, which made a third quarter loss of Dh156.2 million, said it had entered phase two of its cost reduction programme, which includes a reduction of administrative expenses, the further amalgamation of departments and a significant headcount reduction.
The retail business of Shuaa Capital's brokerage arm has been running at a net loss for the past two years and earlier this year the company said it would eliminate 39 jobs, or 10.7 per cent of its full-time employees.
"It was necessary and prudent to take valuation adjustments and provisions in the third quarter [of 2011] rather than be subject to risk exposures in 2012," said Shaikh Maktoum Bin Hasher Al Maktoum, Shuaa Capital's chairman.
