Credit Suisse Cutting Jobs in Middle East in Wealth Overhaul - Bloomberg

Credit Suisse Cutting Jobs in Middle East in Wealth Overhaul - Bloomberg:

Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.

The job cuts -- focused on Dubai -- follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.

“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.

Chief Executive Officer Thomas Gottstein announced his first major revamp of the Swiss lender at the end of July, simplifying the bank’s structure. Credit Suisse is merging its advisory and its trading business into a single division led by global markets head Brian Chin, while plans to cut as many as 500 jobs in Switzerland were also disclosed last month.