Merrill Lynch International slashes workforce in Middle East
Merrill Lynch International & Co has slashed its sales and support staff in the Middle East over the past year in an effort to focus on the upper end of the financial market. The move, part of a restructuring scheme has downsized the company’s office in Dubai from 100 workers to 30.
According to Executive Director of Merrill Lynch International, Mones R. Bazzy, there are no plans to close down any offices in the region. “The company is more interested in hiring people of a different caliber in both Amman and the United Arab Emirates (UAE)’s capital,” he told Khaleej Times.
In a recent press release published by Merrill Lynch, the company revealed that its International Private Client (IPC) group continues to build its management offering in the Middle East with the appointment of several new market leaders to the region.
Merrill Lynch is a financial management and advisory company with offices in 37 countries and total client assets of approximately $1.4 trillion. As an investment bank, it is a global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. — (menareport.com)
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