Kuwait Employment and Career News
Global Investment House sheds 10 percent of its staff
One of the largest investment companies in Kuwait has revealed that it shed 10 percent of its Kuwait-based staff, while also reducing salaries by 20 percent to its existing staff, owing to the global financial crisis.
An official at the Global Investment House (GIH) said that the company recently lowered operational costs to meet the international market conditions.
GIH is under default with majority of its debt, and is trying to restructure nearly $3bn in loans. The official also said that 40 jobs were cut across all departments at the Kuwait Headquarters of the company. The minimum salary reduced was 5%.
Global has operations at several places across the region. The company has retained CBK Capital and HSBC Holdings as its financial advisors.
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