Deutsche Bank, Germany’s largest, will relocate Christopher Laing, head of equity capital markets for the Middle East and Africa, back to London after three years in Dubai. Credit Agricole’s corporate and investment banking unit said last month it would shut its mergers advisory team in Dubai. Citigroup Inc. (C) transferred its regional head of equities,
Adam Key, back to the U.K. in recent months.
“Dubai never quite fulfilled its promise as a regional banking hub,” said Raj Madha, a banking analyst at Rasmala Investment Bank Ltd., a Dubai-based asset manager. “With limited capital market activity, and little sign of a serious improvement in the near future, it’s not surprising that investment banking costs are being transferred elsewhere.”
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