Private investment manager Next Financial has cut a further 30 jobs, bringing current staff levels to 60.
The new cuts mean the firm has reduced total staff numbers by half since the beginning of the year.
"Our business is equities-based and we are not doing as much business as we were doing this time last year," Next Financial managing director Peter Kennedy said yesterday in an interview with InvestorDaily.
"It is all a matter of getting your cost base to fit your revenues."
The firm grew rapidly during 2007, almost doubling staff numbers.
"That was in response to extraordinary market conditions, and now we are back to something a bit more sobering," Kennedy said.
"It [2007] was a bit of a crazy year in terms of what was happening in the market. Now, we are really only back to where we were towards the end of 2006."
In July the company reduced jobs by 26 to around 90, some through redundancies and some through natural attrition.
Kennedy founded the firm a decade ago and has taken back control from former general manager Peter Horne, who left the firm in October.
"I was looking forward to handing over the reigns of the business to Peter Horne at some point this year," Kennedy said.
"He was there to spearhead our very significant growth initiative, [but] we have pared back the business servicing existing clients so his role was not required anymore."
Kennedy plans to remain managing director for at least another two to three years and see the business through the challenging environment.
He does not expect any further staff cuts in the short-term.
