Financial advisory firm NM Rothschild and Sons is cutting its Middle Eastern staff by more than half in a significant change of strategy in the face of dwindling deal volumes, four sources told Reuters.
The cutbacks signal the extent to which some global banks are struggling to win business in the region, after launching ambitious plans during the boom years.
"For a pure play financial advisory like Rothschild, double- digit staffing in the region is clearly not making sense given activity has slowed so much," one of the sources said.
Rothschild's staffing in the region has come down to eight, from 17 bankers in the past 12 months, the sources said, speaking on condition of anonymity.
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