eFinancialCareers

US staff fearing the chop are increasingly scoping out opportunities in the Middle East.

Over the last year more than 20,000 US financial professionals have been axed, according to US payroll company ADP. And things only look to get worse, with Bloomberg unleashing the pessimistic prediction that 175,000 finance jobs will go over the coming year.

US bankers are understandably looking for alternatives and it seems Dubai is one of their key hopes for salvation. Google Insights reveals that the number of Americans looking for banking jobs in the Emirate has more than doubled in the last year.

And Bahrain, Qatar and Abu Dhabi are increasing becoming job-hunter hotspots.

US bankers have come to the realisation that opportunities close to home are few and far between.

Jeanne Branthover, head of the global financial services practice at Boyden Worldwide told the New York Times: “I’ve spoken to people who three or four years ago literally refused to relocate. Now they’re open to moving. They do not see growth or change in this market in the near future.”

The lack of talent in the GCC has been cited as a stumbling block to future growth in the region, so this influx could be welcomed with open arms. However, employers are becoming increasingly wary of taking on staff who would struggle to fit into the company culture, or who they suspect of using the job as a stop-gap.

David Howell, of recruitment firm EM Group, tells us: “In 2007 there was a low supply of workers. Now we have a high supply but we have a selection problem.”