Credit Suisse is trimming its investment banking team in Dubai and relocating some jobs to neighboring Qatar, three sources said, as part of efforts to cut costs and focus on richer markets.
Switzerland's second-biggest bank will consolidate its back-office investment banking team into the tiny oil-rich Gulf state, home to one of the world's largest sovereign wealth funds, the sources said speaking on condition of anonymity because the matter is not yet public.
Credit Suisse is in the middle of a program to cut costs by the end of 2013 to adapt to a drastic slowdown in investment banking revenues and lower profitability in the sector.
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