Efg-hermes Chief Executive, Hassan Heikal
Egyptian investment bank EFG-Hermes will cut back bonuses in a drive to reduce costs by more than 20 per cent this year, the company announced in a press release today.
"As part of a strategy to make the organisation leaner and with a target of cutting costs in 2011 by over 20%, the Firm has elected to be aggressive with cuts to its bonuses in 2010," the statement reads.
"EFG-Hermes is fully aware of the possible implications of this stance on certain individuals," it adds.
In a phone interview with Ahram Online, the bank refrained from commenting on whether the costs cutting strategy might include workers' layoffs and giving any further details.
EFG Hermes also said it had appointed Seif Fikry, who has worked for the Cairo-based investment bank for 14 years, as chief executive for the Gulf Arab states excluding Saudi Arabia, replacing Philip Southwell.
“In this context, we are delighted that Seif Fikry is taking on the mantle of leadership for the Firm in the Lower GCC, taking responsibility for the entire platform after having grown Securities Brokerage into the dominant market player,” noted EFG-Hermes CEO Hassan Heikal, according to the statement.
Fikry has previously served as managing director and head of Securities Brokerage in the UAE and Oman, spearheading the bank’s brokerage business in the Lower GCC for the past five years.