QInvest LLC, the Qatari investment bank forming a joint venture with Egypt’s EFG-Hermes Holding SAE, is cutting jobs at its brokerage and asset management divisions, two people familiar with the matter said.
As many as 13 people are leaving the Doha-based bank, one of the people said, declining to be named because the cuts aren’t public. Calls to the mobile phone of QInvest chief executive officer Shahzad Shahbaz weren’t immediately returned.
QInvest joins other lenders cutting jobs as deal flow slows and banks seek to reduce costs. Credit Suisse Group AG cut two Dubai investment banking jobs and is moving others to Qatar, two people with knowledge of the matter said last month, while Deutsche Bank AG eliminated seven jobs at its investment bank unit in Dubai, two people with knowledge of the matter said.
No comments:
Post a Comment