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Yes, there have been redundancies in the Middle East. Equity research jobs have been cut. Shuaa Capital and Hermes announced some job losses last year, along with various international banks. Global Investment House and Kipco Asset Management announced nearly 100 job cuts in January.

But, as far as we know, there haven’t been any other cuts as big as this: Reuters reports that Abu Dhabi investment firm, The National Investor (TNI), has eliminated, “more than half,” its staff.

55 people have apparently gone, mostly in investment banking and equities. This follows a 13% decline in revenues last year, and a massive 93% decline in profits. The Riyadh business is being closed altogether.