Market sources claim pink slips have been handed to several employees from the Hong Kong-based commodities trader’s crude, cotton, grain and metals divisions.
As of midday Friday, Noble Bunkers offices in Stamford, Singapore and Panama were still open for business but a spokesman declined to comment on whether more redundancies would follow the recent departure of key personnel from outposts in Rotterdam and Connecticut.
Noble has been tight lipped about the cuts but it is widely believed that a sharp decline in operating income at its agricultural division, which fell from $294.3m to $98.4m in the second quarter year-on-year, is one of the factors fuelling layoffs and other cost cutting measures.
Uncertainty comes hot on heels of a recent interview in which chief executive Yusuf Alireza, who took the reins only months ago, told Bloomberg TV that “targeted head count growth” may be on the horizon as he believes the company’s most valuable asset is “people”.
