Credit Suisse to cut back Mideast private banking research

  • Credit Suisse has moved the head of its Middle East private banking equity research division to Geneva, according to two sources.

    Kamran Butt will support private banking sales in Switzerland with market research, said two people familiar with the matter.

    The move comes after the Swiss bank unveiled plans to shore up its capital base in response to criticism from the central bank. 

    Several global investment banks have scaled down on research staff in the Middle East due to tough global conditions and a shortage of work in the region.

    In the past year, Credit Suisse and Deutsche Bank have shed top equity research jobs while Japan's largest bank Nomura has shut down its research department.