[ by Melanie Gretchen ]

Credit Suisse is shuffling its jobs around the Middle East, two people with knowledge of the matter said.  The 2nd-biggest Swiss bank cut 2 Dubai investment banking jobs and is in the process of moving others to Qatar as part of cost-reduction plans announced last year.  In addition, the lender will move 5 junior analysts to the Qatari capital Doha from its regional headquarters in Dubai, the people said, asking not to be identified because the information is private.

Trend du Jour. While cuts in Dubai are by no means widespread, Credit Suisse joined Deutsche Bank AG and Nomura's similar cuts.  Deutsche cut 7 jobs at its investment bank unit in Dubai and Nomura eliminated 4 of 12 similar positions, two people familiar said.  In Credit Suisse's case, it has a vested interest in developing its new host location: the lender's relationship with the country runs deep:

• Credit Suisse has advised Qatar Investment Authority on several deals including the purchase of London retailer Harrods Ltd.
• In February, Qatar Investment Authority bought Credit Suisse’s London headquarters and leased it back to the bank.
• Qatar’s sovereign wealth fund holds a 5.54% stake in Credit Suisse.

To date, bank has a lot to show for its work thus far: a 2.6% rise in Q2 profit to 788 million francs ($843 million) on July 18, Mr. Mathers said in the presentation at the Barclays Global Financial Services Conference in New York.

Other cuts throughout the business include:

• Reducing its fixed-income positions by 18% in the year through June, CFO David Mathers said on 9/12
• 3,500 job cuts announced last year.
• Already in place is the previously announced 3 billion-franc cost savings program.

For further details, go to [Bloomberg, 9/24/12].