Shuaa Capital chief executive Michael Philipp has stepped down after just six months at the helm of the struggling investment bank, two sources familiar with the matter told Reuters on Tuesday.

Philipp is set to be replaced later on Tuesday, one of the sources said. Shuaa had in October last year named Philipp, a former Credit Suisse banker, as its chief executive replacing Sameer Al Ansari.   

Shuaa declined to comment. Philipp could not be reached. Phillip's departure comes as the latest blow to Shuaa, which reported a wider 2011 net loss of 293.8 million dirhams ($80 million) for 2011, compared to a net loss of 223.7 million dirhams a year earlier as it booked provisions and one-off charges. 

One of the Arab world's largest investment banks and once a symbol of the sector's potential in the region, Shuaa was hit by the 2008 global financial downturn, with asset impairments erasing profits.

Shuaa, which helped float ports operator DP World  several years ago, fired close to 60 employees by the end of December, and is in the process of cutting more jobs.

The majority of the redundancies related to the retail brokerage business, which Shuaa exited after slumping trade volumes in the UAE. - Reuters