RBS's redundancies have started. The Financial Times said last year that the bank wanted to close down some of its middle east operations. This was never confirmed by RBS, but it emerged this week that the British bank is ending its equity research tie-up with Rasmala Investment Bank as it pulls out of equity sales and trading altogether.
RBS has insisted it's committed to all its other businesses in the Emirates - including corporate banking and fixed income sales and trading - and yet, some of its people seem to be leaving. This week, for example, three senior FX traders from RBS have joined Nomura, which has set up a new FX trading team in Dubai and just gained regulatory approval to offer foreign investors access to the Saudi stock market.