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Credit Suisse Middle East private banking research steps back

Credit Suisse has relocated the head of its Middle East private banking equity research division to Geneva, Reuters has reported, citing two sources. 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 said. In the past year, Credit Suisse and Deutsche Bank have cut top equity research jobs while Japan's largest bank Nomura has shut down its research department.