Schroders’ Staying positive
Schroders renews its commitment to the Middle East-hey it may not be much, but in these troubled times of ‘headcount reductions’ Kipp will take what we can.
November 21, 2011 5:02 by p.deleon
So much could be said about the times we live in, but as far as the economy well these aren’t the best of the days, especially here in the Middle East.
Just yesterday Shuaa Capital rather euphemistically announced “a reduction of administrative expenses, the amalgamation and further alignment of departments, a recalibration of budgets and a significant headcount reduction.” This comes after the company cut back 10.7 percent of its staff, or 39 jobs in May as a result of the increased burden brought on by the Arab regional protests. Last month HSBC decided shut its retail equity brokerage.
And yet in times like these one British investment bank has decided to keep its doors open here in the UAE in hopes to come out better of this economic storm.
Gavin Ralston, the global head of product at Schroders, at a conference in London said: “We have been through similar downturns in Asia in the 90s where we kept offices all the way through and got good plaudits from clients when the good times came because we’d hung around and not reduced our commitment.”
Of course, with analysts rather gloomily casting the dire economic times we are in now as something unprecedented, it remains to see whether Schroders will be able to rough the current downturn…until then, because we’re desperate for a shred of financial confidence, here’s hoping it can.