Dubai banks 'cutting staff numbers'

25 October 2011

Staff numbers are being cut at international investment banks located in Dubai, industry figures have claimed.

Senior bankers in the emirate have told the Financial Times that top executives are being sent home due to falls in stock market volumes and a reduction in deals made.

One source in Dubai said: "When you have a year like this one, you start feeling the pinch ... banks have come to realise that it's better to have some of their senior guys somewhere else."

Among those to have left the region include Adam Key, head of equity capital markets for Dubai at Citigroup - which is organised into Citicorp and Citi Holdings - who has relocated to London.

Positions related to equity have been slashed by Goldman Sachs, Nomura and Credit Suisse, while Christopher Laing, head of equity capital markets for the Middle East and Africa at Deutsche Bank, is also being moved to England's capital city.

By Gary Cooper

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