Credit Suisse Said To Cut Dubai Jobs After Deutsche, Nomura

Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, cut two Dubai investment banking jobs and is moving others to Qatar as part of cost-reduction plans announced last year, two people with knowledge of the matter said.

The lender will move five junior analysts to the Qatari capital Doha from its regional headquarters in Dubai, the people said, asking not to be identified because the information is private. Qatar’s sovereign wealth fund holds a 5.54 percent stake in Credit Suisse. Reuters reported the changes yesterday.

Credit Suisse joins other global lenders announcing job cuts this month as deal flow slows and banks reduce costs. Deutsche Bank AG, Germany’s biggest lender, eliminated seven jobs at its investment bank unit in Dubai, two people with knowledge of the situation said, while Nomura Holdings Inc. cut four of 12 similar positions, two people familiar said.

Credit Suisse is “realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs across our businesses,” it said in an e-mailed response to questions. “Qatar is a key market for Credit Suisse, and we are redeploying resources according to our business needs.”

The bank reduced its fixed-income positions by 18 percent in the year through June, Chief Financial Officer David Mathers said Sept. 12. The bank announced 3,500 job cuts last year.

Bloomberg