Goldman Sachs and Morgan Stanley have cut 10% of their staff in Dubai as the economic downturn hits the Middle East’s financial hub.
Morgan Stanley has axed between 10 and 15 positions at its office at Dubai’s International Financial Centre. The move by Goldman also mirrors cuts the bank has made elsewhere.
Some Wall Street analysts expect the two banks to slide to losses in the fourth quarter as stock markets fall and economies deteriorate around the world. The financial crisis has already forced the once-booming banking sector to lay off more than 150,000 employees and experts expect further culls in 2009.