Germany-based Deutsche Bank plans to close its equity research department in Dubai as the lender undertakes business restructuring globally, Bloomberg reported, citing people with knowledge of the matter.
It is not clear how many analysts will be affected by the move, the people said.
Deutsche Bank is cutting equities jobs and reducing overall positions by at least 7,000 it seeks to slash costs and boost profitability, the report said.
Chief executive officer Christian Sewing is now working to refocus on the bank’s European market, it added.
In 2016, the lender said it was adding three analysts to its equity research operations in Dubai International Financial Centre, taking the size of the team to nine.
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