Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Top global banks cut MENA research roles: sources
Published in Daily News Egypt on 18 - 09 - 2011

DUBAI: Leading global investment banks, including Credit Suisse AG , are cutting research staff in the Middle East to save costs amid tough global conditions and a dearth of work in the region.
Japan's largest investment bank Nomura has shut down its research department, a person with knowledge of the matter said.
Deutsche Bank and Credit Suisse have cut their top equity research jobs for the Middle East and North Africa (MENA) region, four sources said.
"Regionally, (Nomura's) research department has been closed, given the wider situation of little activity on stock exchanges," said the person familiar with the matter, adding the move affected about five analysts in Dubai and London.
Credit Suisse laid off its London-based MENA equity research head Mohamad Hawa. At Deutsche, MENA equity research head Nabil Ahmed has left the bank.
The sources did not want to be identified due to the sensitivity of the matter.
"Funding for most of the growth areas like the Middle East ... came from revenue derived in more developed markets," said one source familiar with the matter.
"That revenue chunk has been significantly hit and there is no doubt that it will continue to be hit in the short term.
"Even though these banks think the growth is here, they will be forced to cut in the absence of any significant business from these markets."
Nomura and Credit Suisse declined to comment. Deutsche officials were not immediately available.
International banks have flocked to the Middle East in recent years, lured by the oil-rich region's growth prospects and the lucrative fees available, from taking companies public to advising on sovereign fund deals.
But increased competition and the financial crisis has reduced prospects. Amid that backdrop, bankers say more staff from the region may be shifted to other locations or laid off.
"Banks in the region escaped the first round of job cuts this year but a second one is coming for sure and it will be hard to avoid this one. The pressure to cut costs is intense," one Dubai-based banker said.
Total value of completed deals in the Middle East stood at almost $14.2 billion in the first half, a 65 percent slump versus the year-ago period, according to Thomson Reuters data. No bank mergers have been completed in the last two years.
Global banks have also been hard hit by a sovereign debt crisis in the euro zone and economic slowdown in the US, adding pressure to cut thousands of jobs.
Credit Suisse plans to cut around 2,000 jobs after weak trading activity and the strong Swiss franc hit its second-quarter results.
Deutsche Bank CEO Josef Ackermann said that if weaker market activity seen in August continued in September and October, the bank would have to think about job cuts.
Nomura is set to cut several hundred staff with the bulk of lay-offs in Europe, a person familiar with the matter said last week.


Clic here to read the story from its source.