DUBAI, Oct 10 (Reuters) - J.P. Morgan Chase Inc hashired Ahmed Saeed from Nomura Holdings to head up itsMiddle East business focused on public sector clients, the U.S.bank said in a statement on Wednesday.
Nomura, in the process of making $1 billion in cost cuts, iscutting investment banking jobs in Dubai, sources told Reuterslast month. J.P. Morgan, on the other hand, hasbeen beefing up in the region and has made some top-levelbanking appointments this year.
Saeed was most recently a managing director at Nomura'sinvestment banking division in Dubai, where he handled publicsector clients for the Japanese bank.
He will report to Abdulaziz al-Helaissi, head of J.P.Morgan's global corporate bank for the Middle East and NorthAfrica and also to Daniel Zelikow, head of the bank'sinternational public sector group, the bank said.
In April, J.P. Morgan named Declan Hegarty, previously headof HSBC's Abu Dhabi business as a managing director atits global corporate bank division covering the United ArabEmirates.
The bank also hired Rayan Fayez, a senior banker fromGoldman Sachs Inc in Riyadh as its new investment bankinghead and co-chief executive of Saudi Arabia.
Middle East investment banking fees reached $402.2 millionfor the first nine months of the year, a 23 percent increasefrom the same period last year, according to Thomson Reutersdata. The upturn in fees points to a slight increase in activityin the region which was hit badly by the financial crisis.
(Reporting by Dinesh Nair. Editing by Jane Merriman)
Keywords: JPMORGAN NOMURA/MIDEAST