Sources close to the matter told Reuters Butt, who spent six years in Dubai, will now support private banking sales in Switzerland with market research.
"Other analysts from outside the Middle East will be covering the local market here," the source added.
Confirming Butt’s departure, a bank spokesman said, "Kamran Butt is relocating to Switzerland to take on a new role as Investment Strategist, Advisory and Sales for Middle East and Africa, and the Indian subcontinent."
"The bank is looking to replace the role locally."
Most of the European bank are scaling back research roles in the Middle East to save costs amid tough global conditions.
According to Reuters, Deutsche Bank, Japan’s Nomura and HSBC have also significantly scaled down their private banking operations in the Middle East.
