Sunday, 22nd November 2009

 

8 July 2008 - Press Briefing

UBS bolsters Middle East presence with Saudi licence

UBS is set to offer wealth management, asset management and investment banking services in Saudi Arabia after receiving a license from the local regulator, according to a report in the Financial Times.

The report quoted Peter Burnett, chief executive for UBS Investment Bank in the Middle East and North Africa, as saying: "We are making an investment on the progress of the region. They have petrodollars flowing in and are in the process of enormous wealth creation."

The Swiss bank has also applied for a licence to operate in the Qatar Financial Centre, and will establish a regional equities research team in the United Arab Emirates.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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