According to a Bloomberg report which quotes “a source familiar with the situation”, Credit Suisse is planning to cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh. It is also said to be planning to move two bankers from to Doha as part of plans to shift the regional investment banking headquarters to Qatar.
Qatar has become more of a focus for Credit Suisse since the state’s sovereign wealth fund, the Qatar Investment Authority, took a 6% stake in the company.
In February, the QIA purchased Credit Suisse’s London headquarters for £330m and in October, there was speculation that the QIA and Credit Suisse were planning to launch an asset management joint venture focused on investing in the Middle East and North Africa.
