Nov. 20 (Bloomberg) -- Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler that reported a third-quarter loss, plans to cut jobs as it moves away from retail business.
A second phase of cost reduction program will include a “reduction of administrative expenses, the amalgamation and further alignment of departments, a recalibration of budgets and a significant headcount reduction, which is primarily related to repositioning the brokerage business and associated operational and administrative expenses,” Shuaa said in a statement to the Dubai bourse.
Shuaa on Nov. 17 said it had a third-quarter loss of 156.2 million dirhams ($42.5 million) after making valuation adjustments and booking provisions. The company in May said it would eliminate 39 jobs, or 10.7 percent of full-time employees.
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org