Deutsche Bank AG (DBK), Europe’s biggest lender by assets, is placing Dubai-based equity analysts on consulting contracts as it seeks to avoid job cuts in the Middle East, according to two people with knowledge of the matter.
Between three and six analysts are affected by the move, the people said, asking not to be identified as the changes aren’t public. While the analysts will lose some benefits they’ll still receive medical cover and be eligible for a bonus, one of the people said. They’ll continue to provide research exclusively for the bank as before, the people said.
Global banks, including Morgan Stanley (MS) and Credit Suisse Group AG (CSGN), are reducing their equities business in Dubai as trading dwindles and clients postpone share sales. The average number of shares in Dubai’s benchmark index traded daily is still about 50 percent down on the figure for 2008, according to data compiled by Bloomberg.
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