For investment banks operating in the Middle East, the wounds inflicted by the global financial crisis have yet to heal. In fact, they are only getting worse.
Investment banking league tables, already dominated by foreign players, show fees slumped to $48.8 million in the first three months of the year, less than half of the $116.3 million seen a year earlier, data from Thomson Reuters showed, hurt by the political unrest that engulfed the region. [ID:nLDE739015]
With minimal deal activity, depressed stock markets and appetite for fresh capital at its lowest, the future of most banks remains bleak, and there is a lack of fresh ideas to navigate the downturn. Their survival is now at stake.
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