DUBAI: Deutsche Bank is cutting several senior jobs in its investment banking business in Dubai, including directors, as it cuts costs to adapt to a tougher investment banking environment globally, three banking sources said.
The German lender last week outlined plans to cut bonuses, axe more jobs and sell assets, and senior executives said expected job cuts would be "over and above" the 1,900 positions already announced.
"There are at least seven people confirmed to be leaving front office roles (in Dubai)," said a source familiar with the matter, adding the jobs were mostly in the investment banking business.
The source, who spoke on condition of anonymity, added that three or four of the job cuts were at director level.
Among those leaving is Zulfi Khan, a director in its global markets operations who handled client coverage in the United Arab Emirates, two other sources said.
"A lot of the job cuts in the region have so far remained confined to junior level bankers. Shifting higher up shows the region is clearly no more an appealing destination as it used to be for investment bankers," one of the banking sources said, adding Deutsche is cutting about a quarter of its total Dubai investment banking team.
Deutsche Bank declined to comment on specific job cuts in an emailed statement, and a spokesman said the lender had a strong investment banking platform in Dubai and the region.
"Any speculations regarding drastic job cuts like 25 percent are lacking any sound basis," said Michael Lermer, Deutsche’s spokesman in the region. "We have adjusted our capacity in some areas by about 5 percent whilst growing our resources in other areas, which is normal business practice."
Other global banks, including Bank of America, Credit Suisse and Rothschild, have also shed investment banking jobs in the region in recent months, as dwindling deal volumes and a low fee paying culture makes the business model nonviable.
Middle East investment banking fees were $234.8 million in the first half of 2012, a 5 percent rise from a year-ago but still a far cry from the nearly $1 billion fees earned by banks during the boom years of 2005 and 2006, Thomson Reuters data showed.
That fee pool has to be shared between as many as 20 global banks who have hired or brought in some senior bankers to lure business in the region.
Nomura Holdings, Japan’s largest investment bank, shut down its research department in the region last year, while Credit Suisse laid off its London-based MENA equity research head.
FROM: REUTERS
Deutsche Bank to trim Mideast staff
Deutsche Bank to trim Mideast staff
Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review
- The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts
RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.
The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.
Al-Nobala has leveraged international expertise to localize advanced learning methodologies.
The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.
According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.
“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.
The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.
Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.
Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.
