Drip, drip, drip.
Affected employees have already been notified, said Jack Grone, a spokesman for the bank.
In the meantime, the news organisation reports that Phil DeSantis, co-head of global credit products at Credit Suisse, is leaving the firm after 13 years and will be replaced by David Miller, according to two internal memos.
Miller, who has been head of global leveraged-finance capital markets since 2011, will become co-head of the unit with Eraj Shirvani, according to one of the memos. The contents of both memos were confirmed by Jack Grone, a spokesman for the firm in New York.
The bank closed out positions in November and two of nine employees at the Riyadh office have been let go, the person said, asking not to be identified as the matter hasn’t been made public.
The employees were responsible for offering the so-called total-return swap product, which Japan’s biggest brokerage started in February 2012, the person said. The mechanism allows foreigners to invest in Saudi shares while adhering to restrictions on direct investment by non-Saudis.
Kuwahara, 40, will start as chief country officer on April 1 and will become president of Tokyo-based Deutsche Securities Inc., according to the document. Hatt, 50, led Deutsche Bank’s operations in the country for six years and leaves the franchise in a strong position, the memo said.