Deutsche Bank AG is shutting down its equities research department in Dubai and has laid off eight analysts as part of the move, Bloomberg News and Reuters reported, citing unnamed sources.
The move, part of a global restructuring of the German lender's equities business, could potentially impact its business in the Middle East at a time when IPO activity is set to speed up in the region, Reuters noted.
Deutsche Bank, which plans to reduce headcount at its equities sales and trading business by about 25%, has already started cutting jobs at its Australian equities and trading division.
Pascal Moura, head of equity research in Dubai who announced the job cuts, is among those who left the lender, the sources told Reuters.
