Banks shed staff in Dubai as deals dry up - FT.com

International investment banks are shedding staff in Dubai and sending top executives home as deals in the region dry up and stock market volumes fall to historic lows, bankers say.

As concerns mount over global economic growth, many foreign banks have come under pressure from headquarters to cut costs and are responding by trimming employees involved in mergers and acquisitions, equity research, and credit and equity sales.

Adam Key, Citigroup’s head of equity capital markets for the region, has relocated to London while Deutsche Bank, Germany’s largest bank, is moving Christopher Laing, head of equity capital markets for the Middle East and Africa, back to London. Credit Suisse, Nomura and Goldman Sachs have also cut jobs in equity-related roles.

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