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Tue 29 May 2018 12:06 PM

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Deutsche Bank said to close Dubai equity research in global cull

Deutsche Bank is cutting a quarter of equities jobs and reducing overall positions by at least 7,000 as CEO Christian Sewing seeks to slash costs and boost profitability

Deutsche Bank said to close Dubai equity research in global cull
Christian Sewing, CEO of Deutsche Bank.

Deutsche Bank will close its equity research department in Dubai, according to people with knowledge of the matter, as the German lender restructures the business globally.

It’s not clear how many analysts will be affected by the move, the people said, asking not to be identified as it isn’t public. A spokesman for Deutsche Bank declined to comment.

The lender is cutting a quarter of equities jobs and reducing overall positions by at least 7,000 as CEO Christian Sewing seeks to slash costs and boost profitability.

Sewing is accelerating a push to refocus on the bank’s European home market and reverse a two-decade effort to compete head-to-head with the large Wall Street firms that dominate volatile securities trading.

Deutsche Bank said in 2016 it was adding three analysts to its equity research operations in the Dubai International Financial Centre, taking the size of the team to nine, according to a statement at the time.

Earlier this month, people familiar with the matter said Pascal Moura, who runs equity research for the region from Dubai, was leaving the bank.

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