Lunchtime Links: Another sign that European banks are pulling back from overseas?

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As we've already noted, European banks (like Deutsche) appear to be scaling back their overseas empire building aspirations. Now, it looks like the Middle East could be one of the areas to suffer.

Yesterday, Bloomberg reported that Deutsche is moving Christopher Laing, its head of ECM for the Middle East and Africa, back to London from Dubai. Laing moved to the Middle East in 2008 to help build the bank's regional business and will continue to cover EMEA out of London. There's no mention of a Dubai-based replacement.

This could be the start of a trend. The head of a financial services search boutique claims a large Swiss bank is looking into the possibility of closing satellite offices in EMEA and reverting to the suitcase system of relationship banking that was common in the past.

Deutsche Bank is about to overtake Barclays as an underwriter of emerging market debt sales. (San Francisco Chronicle)

Morgan McKinley has produced some more depressing job stats. (Bloomberg)

Dexia is bigger than the banking systems of Greece and Ireland and makes RBS look like a dull wealth manager. (Fintag)

The Belgians have already thrown out their government, so now what do they do? (LondonBanker)

Here's one way prop trading could be allowed under the Volcker Rule. (Alphaville)

Here are lots of other ways prop trading could be allowed under the Volcker Rule. (Economics of Contempt)

Alternatives to bailing out banks. (Telegraph)

Distressed debt hedge funds are setting up in London. (Financial Times)

Scotland has persuaded Avaloq, a Swiss banking software company with plans to hire 500 people, to establish a development centre in Edinburgh instead of Brazil or the Philippines. (Financial Times)

After the August riots, more wealthy people want to leave the UK. (Reuters)

Nigel Lawson is to blame for the UK financial crisis; he is unrepentant. (Guardian)

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