Turkey’s Burgan Securities Cuts 20 Jobs in Reorganization

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Burgan Securities, an Istanbul-based brokerage owned by Kuwait’s Burgan Bank SAK, said it cut its staff by 20 to 100 to increase competitiveness.

The moves are part of a reorganization that will “enable it to take its place among the industry’s competitive companies,” the brokerage formally known as Burgan Yatirim Menkul Degerler AS said Tuesday in a filing. It didn’t identify any of the staff leaving the firm.

Earlier, a person with direct knowledge told Bloomberg that Burgan Securities announced internally on Monday that the contracts of about 20 employees would be terminated. Chief Economist Haluk Burumcekci, also executive vice president for the company, confirmed by e-mail Tuesday that he is among those to be leaving.

Burgan Securities reported a loss of 2.9 million liras ($1 million) in the second quarter, wider than the 795,500 liras loss posted a year earlier, a public filing on Aug. 13 shows.

Burgan Bank, which suspended some of the senior managers at Burgan Securities after an internal audit of the company in April, bought Turkish units of EFG Eurobank Ergasias SA for $357 million in 2012.

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