The Gulf is known for its stable autocracies with entrenched rulers, but its international banking fraternity is starting to look decidedly different of late.
Deutsche Bank today announced that Henry Azzam, a long-standing luminary of the Middle East banking community, has stepped down as chief executive to become the German bank’s non-executive chairman for the region. He is the latest of a long list of Dubai-based banking chieftains that have left executive positions recently.
Over the past year or so the regional heads of Citigroup, Nomura, Morgan Stanley, Royal Bank of Scotland, Standard Chartered, UBS, Merrill Lynch and HSBC have all left their local posts.
There is always churn in financial services - particularly after an earth-shattering crisis - and it is difficult to discern any clear trends from the changing of the Dubai-based guard. Some were pushed out, others were promoted or moved on to other foreign postings."
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