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>Investec slashes US, trims global ops By: Bruce Whitfield Posted: 2003/02/24 Mon 15:26 | © Moneyweb 1997-2003 Dual listed financial services group Investec is lowering its global head count by more than 600 with the vast majority of the cutbacks in the United States. It’s part of its international rationalization program that includes cost savings of a third in its UK operations as weak investment markets continue to batter investment banks across the world. The group, hit by the massive slowdown in global markets and a markedly weaker deal flow amid the threat of war in the Middle East, insisted on Monday that its operations were fundamentally sound. Providing a lightening synopsis of the companies global position, chief executive Stephen Koseff declined to comment on the impact current negativity would have on earnings. “I don’t think it’s fair that I be asked that question,” he said, “if we felt the impact might warrant it, we would have put out an announcement to that effect.” The share price which traded at an intraday high of R156.60 soon after its listing in London, dropped to a low R78.85 on 19 February, just ahead of a company announcement stating its fundamentals were sound. Koseff pulled up graphs in his Johannesburg presentation which showed group's performance in dollar terms tracking Investec’s global peers, including Merrill Lynch, Goldman Sachs, Morgan Stanley and HSBC. "Clearly the market has been marking us against our global peer groups rather than our South African competitors. And we are being given no credit for our strong South African performance. We have been significantly sold down and I am not sure off the back of what," Koseff said. He said the operations in Israel and the United States had been particularly disappointing, but sufficient measures had been taken to ensure that business models and cost structures had been adequately altered. UK and European markets continue to be impacted by weak equity markets while South Africa and Australia are performing well. "The US operations have been a big noose around our neck since the beginning of the year, but since then we have made great strides in tidying up there and getting out." The US operations employed 688 people a year ago, that number will eventually be cut to 70 as it narrows its focus and cuts out its private client stock broking business. “We have adjusted our business model, we’re a much leaner organization going forward, and with the US issues taken out and UK costs lowered, we believe our prospects are good.”

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