Credit Suisse to cut jobs in Gulf in wealth management overhaul

  • Date: 30-Sep-2020
  • Source: Arabian Business
  • Sector:Economy
  • Country:Gulf
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Credit Suisse to cut jobs in Gulf in wealth management overhaul

Credit Suisse Group is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.

The job cuts - focused on Dubai - follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.

Credit Suisse is expanding after receiving a full banking license for the kingdom in April 2019

“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single