Investcorp, an alternative investment and real estate investment firm, is cutting 90 positions, or about 20% of its global work force, according to a company spokesman.
The affected positions are in the firms New York, London and Bahrain offices. Sixty people will be laid off; the other 30 positions are either vacant or filled by employees who are retiring.
In response to the current global economic turmoil, Investcorp has had to realign its business, both to increase its resilience during the midterm recessionary period and to position itself to advantage in this changed environment, according to an e-mail from the Investcorp spokesman. These redundancies were selected on the basis of which roles were required to fit the future business model.