Swiss investment bank Credit Suisse is reportedly making nearly 20 jobs redundant in the Middle East, with a focus on Dubai.
The move comes amid an overhaul of the bank’s wealth management operations in the region.
Go deeper with GlobalData
The downsizing initiative comes after the move to incorporate the non-resident Indian (NRI) and Africa business under Middle East head Bruno Daher, Bloomberg reported citing people familiar with the issue.
Raj Sehgal was previously at the helm of the business. He currently chairs 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 was quoted as saying by the publication.
However, the spokeswoman did not provide any information on the lay-offs.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank’s international wealth management arm, headed by Philipp Wehle, is a growth area that plans to generate revenue from the ultra-rich.
The number of regional reports at the unit, previously led by Iqbal Khan, has now been reduced.
Last month, the bank reportedly uncovered fraud at its international wealth management unit and sacked a Zurich-based banker for forging documentation on an over-the-counter contract for an African wealth management customer.
The fraud reportedly cost Credit Suisse a loss of around CHF10m ($11m).
Other recent moves
Credit Suisse has embarked on an overhaul in recent times.
Last month, the bank announced that it will reduce the number of its branches in Switzerland from 146 to 109 in response to the increasing adoption of digital channels by clients. The decision puts several jobs at risk.
In July 2020, a report said that Credit Suisse will bring together its investment bank and capital markets units as part of a revamp under new CEO Thomas Gottstein.
However, the bank reportedly plans to expand in China.
A Bloomberg report this August unveiled that the bank eyes a two-fold increase in its China workforce over the next five years.
