Kuwait’s Global Investment Said to Cut 60 Jobs in Restructuring

Global Investment House KSCC (GLOBAL), the Kuwaiti investment bank that restructured $1.73 billion of debt in 2009, cut about 17 percent of its workforce last week, according to a person familiar with the matter.

Sixty employees were made redundant Jan. 19 as part of the bank’s plans to restructure and cut operating costs, said the person, who declined to be identified because the decision has not been officially announced.

A company spokesman declined to comment when contacted by Bloomberg News today. Al-Qabas newspaper reported the job cuts on Jan. 20.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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