Standard Chartered shifting rain-maker to Johannesburg

In 2009, when Standard Chartered hired David Law to co-head its wholesale banking unit for the Middle East, North Africa and Pakistan in Dubai, it was considered something of a coup.

Law had moved out to the region from London in 2008 to oversee Morgan Stanley’s Middle Eastern investment banking operations, and by all accounts was something of a rain-maker. So, now that he’s moving to Standard Chartered’s Johannesburg office, what message does it send out?

Investment banking deals have been thin on the ground in the Middle East for some time now, and in the first quarter of 2012 M&A volume fell by 40% on already anaemic levels. Despite an increase in debt capital markets, the outlook remains generally bleak for investment banks in the region.

Since Law was appointed, it's clearly been a challenging market for investment bankers in the Middle East.Perhaps the move to Johannesburg is an attempt to tap into a growth market.

Law will be replaced by Morad Mahlouji, who will be the regional head of origination and client coverage for the Middle East and North Africa.

Last year, Barclays relocated 120 back office staff from Dubai to South Africa.