On the face of it, the fact that Deutsche Bank is cutting seven front office investment banking jobs in Dubai might not seem like a significant figure, but the proportion of people being eliminated is comparatively high.
Depending who you speak to, Deutsche is either cutting 25% of its investment banking team (according to Reuters) or 5%, if you believe the official line from the bank’s press office in the region.
There are “at least seven” people leaving Deutsche’s Dubai-based investment banking operation, according to reports, with the majority coming from more senior positions in the firm – a trend that appears to be gathering pace industry-wide.
Zulfi Khan, a director in its global markets team handling client coverage in the UAE, is one of those heading for the exit.
Deutsche’s investment banking division has had something of a mixed year. On the one hand, it’s been riding on the wave of Islamic debt capital markets activity, ranking second behind the dominant HSBC, with $1.2bn worth of deals in the first half of this year, according to Dealogic. On the other, it fell from 6th last year to 16th in 2012 in the Middle East M&A rankings, according to Thomson Reuters figures.
Deutsche’s spokesperson said that they would be “growing resources in other areas”. This appears to be its global transaction services division, where it most recently appointed Sriram Iyer as head of its trust and securities services and cash management for financial institutions.
The bank is cutting 1,900 roles globally and, after its strategy review revealed last week, is expected to roll out more redundancies going forward, predominantly in its investment bank.