DUBAI, (Reuters) – Kuwait’s Global Investment House has laid off 17 percent of its staff, or 60 employees, across the region as part of cost-cutting measures at the debt-laden firm, two sources said Sunday.
Most of the job cuts at Global, which is in talks to restructure $1.7 billion in debt, will be in Kuwait, one of the sources said. The company employed 350 people before the cuts.
Meanwhile, Kipco Asset Management Co (KAMCO) has cut 39 positions out of a 120-strong workforce, two sources said. The departures include the head of asset management at the Kuwaiti firm.
“The cuts have been pretty much across the board and no particular team or department has been spared,” one source said in reference to KAMCO. “There are some people who left before the redundancy plan.
“Obviously, the market conditions have not been helpful for most investment firms in the region and that has triggered the lay-offs.”