Recent management changes within Credit Suisse's investment banking business provide the latest signal of the rising profile of emerging markets, the Middle East in particular.

Michael Philipp, the former regional chief executive for Europe, Africa and Middle East (EMEA), recently left the bank with plans to launch a Middle East merchant banking venture, the Financial Times reported.

Meanwhile, Eric Varvel - who took over as EMEA chief executive in February - "told staff he was planning a series of appointments designed to increase the accountability of country heads and reduce overlapping management," according to the FT.

Among other changes, Fawzi Kyriakos-Saad shifted from head of emerging markets in EMEA to chief executive for Russia. Earlier, Varvel created newly separate chief executive posts for Germany, Austria, and Central Europe. And with Philipp's departure, Middle East and North Africa co-CEOs Bruno Daher and Bassam Yammine will now report directly to Varvel.

Philipp became Credit Suisse’s first chief executive for EMEA in 2005, but was kicked upstairs into a regional chairman role late in 2006 when Leonard Fischer assumed the regional CEO post. Philipp resumed that role just three months later, until displaced by Varvel earlier this year.