American firm Jefferies will shutdown several of its foreign offices along with other measures aimed at cutting costs during the credit crunch.
Offices in Dubai, Tokyo and Singapore will close, with the possibility of reopening when market conditions allow. Jefferies has also been increasing redundancies and expects to enter 2009 with 18 percent fewer staff than at the beginning of 2008.
In releasing its 4th Quarter statement, it reported that aggregate losses for this quarter likely will recah $340 million.
jt