Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) confirmed on Monday that it is making selected staff reductions at its Moscow office. About 30 positions will be affected out of a total head count of 270 staff.
Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) confirmed on Monday that it is making selected staff reductions at its Moscow office. About 30 positions will be affected out of a total head count of 270 staff.
'Whilst regrettable, this action is necessary to ensure we align our resources with changing market conditions,' said Sergey Riabokobylko, partner and senior executive director of C&W/S&R. 'This is part of a broader strategic review to maintain our competitive market position and to allow us to focus on areas of profitable growth and opportunity.'
He added: 'As a private firm, with low levels of debt, this initiative will enable us to maintain the strongest, most effective service platform in a rapidly changing economy, to capitalise on opportunities and to continue to provide the highest level of service to our clients.'
Two weeks ago, property advisor Jones Lang LaSalle (JLL) announced it is laying off 50 staff across the Russia & CIS region as part of a wider strategic cost-reduction exercise in view of the current economic outlook.
