Renewed concern about the global economy – coupled with the Arab Spring – means global banks are again slowing recruitment or reducing headcount in the Middle East. Thanks to growing business in Africa, banks are also building bigger teams in Johannesburg, at the expense of Gulf financial centres, above all Dubai.
In the past three months at least three senior investment bankers have departed from Credit Suisse’s Dubai operation. These include Jeffrey Culpepper, the Swiss bank’s head of investment banking in the region, and one of the best-known figures in the Middle East’s banking community.
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