eFinancialCareers

Investment banking and capital markets revenues in the Gulf are tipped to swell by up to 25% a year. And as more bankers flock to the region in search of new job opportunities, financial firms are becoming increasingly choosy about who they take on.

Richard Lett, head of banking at recruiters RP International, tells us banks in the Middle East are able to be a lot more selective: “The talent pool is definitely improving, as very capable people from western markets are seeking new opportunities in the region.”

Western bankers’ motivation for moving east is clear. Consultancy McKinsey & Company predicts emerging markets will be the largest growth area for investment banking revenues over the next two years – and it says the Middle East will lead the pack, with revenue pools growing by anywhere from 16-25% per annum.

“Emerging Asia, Latin America, emerging Europe and the Middle East should achieve sustained growth and capture close to 30% of the global investment banking pie over next few years,” the report predicts.

Royal Bank of Scotland is the latest international bank to ship investment bankers off to the less troubled waters of the GCC – moving Durk van der Zee to Dubai to head up its ECM business.

It follows on recent Gulf expansions from Credit Suisse, Deutsche Bank, UBS, Morgan Stanley, Citi, Crédit Agricole, Lazard, Société Générale and Commerzbank.

With top Western talent targeting the Gulf, Omar Taha, managing director of headhunters S&T Group, says international banks are becoming more prepared to consider people without previous MENA experience.

However, this doesn’t mean Western bankers considering a move should expect a shoo in. Taha says banks want to see evidence of a commitment to the region, rather than candidates who have simply jumped on to the Middle Eastern banking band wagon out of desperation after being fired.