Lehman Brothers has become the latest investment bank to deploy one of its most senior staff to the Middle East in response to strong business growth in the region. The move comes as the US bank this week presses on with job cuts that are expected to affect a little more than 100 staff in London.

The US bank will send Philip Lynch, its London-based co-head of equities in Europe and the Middle East, to Dubai to be chief executive for the Middle East and north Africa.