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More Dubai investment bankers to lose jobs

27 Sep 2012

(MENAFN) Top global investment banks are trimming more jobs in the Middle East pressured by the need to slash costs and weaker businesses, Reuters reported.

This time the job cut rounds has included directors and, in Nomura Holdings’ case, the head of its investment banking operations in Dubai.

For years, foreign lenders have built full-fledged investment banking teams in the region, particularly in Dubai, driven by big hopes of petrodollars being injected in overseas investments by regional sovereign wealth funds and state-backed firms.

However, those prospects faded in the wake of the 2008 global financial downturn, shrinking investor appetite, and the region was hit hard by a slump in oil prices and a real estate market crash.

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