The new 120-desk trading room was officially opened on 28 April. It will operate as a global trading hub for the bank, serving regional clients and international clients looking for exposure to the Middle East. The London traders are primarily from the foreign exchange, commodities and interest rates derivatives division.

Shayne Nelson, regional chief executive at the bank, says: “Our operations are primarily Africa, Asia and the Middle East, and a lot of our business is bringing clients into the Middle East region. So it makes sense for us to bring some of our expertise in London into the region.”

Of the bank’s 500 regional staff, about 80 of them have been moved from London, although Standard Chartered says it will retain a strong London presence.

Nelson adds that he expects the current financial market turmoil to help banks in the GCC attract talent, and would contribute to overcoming the region’s talent shortfall.