When U.S. banking giant Citigroup Inc moved one of its top bankers, Alberto Verme, to Dubai in 2008, it was a sign of international banks' ambitions to tap economic growth in the oil-rich region.
By bringing in Verme, who at the time was co-head of Citigroup's worldwide investment banking operation, the bank became the first among its peers to station the global chief of a major business in the Middle East.
Four years later, the picture has changed dramatically. Verme is back in London as chairman of the bank's Europe, Middle East and Africa business. And like most of its peers, Citigroup has cut jobs in the region as part of a global plan to reduce costs this year. The bank still has a sizeable presence in the Middle East, but on a smaller scale than in the boom years.
Global banks rethink Middle East model as deals slump | Reuters
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