Investment Banks Rush to the Gulf

Word Count: 558 | Companies Featured in This Article: Citigroup, Merrill Lynch, HSBC Holdings, Deutsche Bank, UBS, Credit Suisse Group DUBAI -- Western investment banks are rushing to the oil-rich Persian Gulf, seeking shelter from the global financial storm. But business, even in this haven, is also disappointing. International investment banks pulled in just $366 million in revenue from the region in the first half, according to Dealogic. That is despite a booming market for initial public offerings, and it is sharply lower than the $631 million they raked in during the first half of 2007. (The figures exclude revenue from Saudi Arabian stock markets, where data are hard to track.) A big reason for the shortfall: Banks are... [read full story]