UBS has increased MENA headcount again, but can it last?

The number of people employed in UBS's MENA operation is comparatively small, but it's a figure which continues to increase.

The Swiss bank has just revealed its quarterly results, and headcount in MENA has risen again. At the end of Q3, 157 people were employed in UBS's regional operation, up from 154 at the end of June and 139 at this time last year.

This is all very well, but the bank has pointed out that although the majority of the 3,500 people affected by its August redundancy announcement have been informed, the cuts are not yet reflected in Q3 headcount figures.

In the Middle East, UBS has already pared back its equity research team and the fact that JP Morgan analyst, Kian Abouhossein, has estimated the bank may make another 1,700 redundancies globally doesn't bode well for regional teams.

Nonetheless, there are some positive signs. After taking on former Albert Momdjian to lead its regional ultra high net worth business from Credit Agricole in June, the bank has also recruited his former colleagues Kanhaiya Rathi, Kawtar Benkhraba, Pravin Chelluri and Rami Barazi to work in UBS's corporate advisory group in Dubai.

UBS is also blending its regional wealth management offering with its investment banking business, a move which is expected to generate some recruitment in the next few months.