Shuaa caps job cuts at a mere 60% of total headcount

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As statements go, the one from Sheikh Maktoum bin Hasher Al Maktoum, executive chairman of Shuaa Capital, saying that the bank’s redundancy programme has finished isn’t exactly comforting – it’s already reduced headcount by 60% since this time last year.

There are various euphemisms for redundancy – cost efficiencies, realignment, reshaping our cost base – but Shuaa’s executive chairman has opted for ‘rightsizing’ to describe a programme that has seen more than half its staff depart since Q1 2011.

However, no further redundancy announcements are planned, and around 130 employees remain at the firm, from a 2011 headcount of 285.

The majority of job cuts hit its retail brokerage division, said Sheikh Maktoum, and Shuaa tends to shift its focus towards asset management, advisory and credit. As we reported previously, it has also continued to build headcount in its SME lending business, Gulf Finance.

“We have taken decisive action to significantly accelerate the pace and direction at which we are moving.  Altogether, our actions will ensure that Shuaa Capital remains at the forefront of its chosen business lines. The full value of our restructuring will be realized by the end of the first half of 2012,” said Sheikh Maktoum.

Compared to their international counterparts, headcount is generally low within regional players, but – proportionately – cuts have been deep. In February, Abu Dhabi investment firm, The National Investor, chopped 50% of its employees, primarily in investment banking and equities.

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