By Dinesh Nair
DUBAI (Reuters) - Credit Suisse
Kamran Butt will support private banking sales in Switzerland with market research after spending six years in Dubai, two people familiar with the matter said.
"Other analysts from outside the Middle East will be covering the local market here," one source, who spoke on condition of anonymity because the matter is not public, said.
Credit Suisse could not immediately be reached for comment.
The Swiss bank unveiled measures this month to boost its capital base in response to criticism from the central bank, and also announced new cost cuts, including at the investment bank, although some analysts have called for even more radical steps.
Leading global investment banks have been cutting research staff in the Middle East to save costs amid tough global conditions and a dearth of work in the region.
In the past year, Credit Suisse and Deutsche Bank
Middle East private banking staffing is down about 30 percent in the last two years due to redundancies and relocating staff to other regions, the second source said.
In February, sources said HSBC
The Middle East and Africa wealth management sector grew 8.6 percent in 2010 and overall assets under management could grow to $6.7 trillion by 2015 helped by high oil prices, a study by the Boston Consulting Group in June last year showed.
The region's private banking sector has several pure-play private banks like Julius Baer
(Additional reporting by Mirna Sleiman; Editing by Amran Abocar)