eFinancialCareers

Credit Suisse has further extended its footprint in the Middle East with the majority ownership of a local player in Saudi. But does this mean it’s actually hiring in the kingdom? It’s been an active year in the GCC for Credit Suisse, which has so far bolstered its equities team in Dubai and gained a licence to operate in Bahrain. After setting up shop in Saudi in May, it has... Read more

Not entirely surprisingly, bankers in London and New York are expected to suffer more than those elsewhere come bonus time. International financial services headhunter Options Group is predicting a 45-50% reduction in payouts in the two cities, while Dubai bankers will apparently see their pay chopped by only 10-15%. Asia Pac staff are expected to fall in the middle of the two, with 35-40% reductions in bonuses predicted. Eric... Read more

Equity capital market (ECM) volumes in Saudi Arabia have surged by a massive 162% in the first three quarters of this year, leading to an increase in demand for already scarce talent. However, many IPOs have been put on ice recently and recruitment could cool off during this uncertain period. The latest quarterly report into activity within ECM has singled out the Saudi market as being particularly active, having secured... Read more

October showed that the Gulf region is not immune to the global financial crisis: the region faced liquidity problems, plunging equity markets and tumbling oil prices. Still, some international firms were hiring regardless, and here’s our monthly round-up of people moves in the GCC. Bank of New York Mellon added three senior executives to its client management group in Dubai. After setting up a representative office in April, it’s begun... Read more

Blood might be on the floor in Merrill Lynch’s Western operations as the bank prepares to fire thousands in the wake of the Bank of America takeover, but the expansion of its Middle Eastern presence might help to mop up a bit. The bank’s chief executive, John Thain, says that it remains committed to increasing its wealth management, investment banking and sales and trading activities in the GCC, and has... Read more

With the carnage at investment banks in the West, and the positive PR machine in the GCC painting a picture of a hiring oasis in the region, international applicants for M&A and private equity roles have soared. There’s just one problem – hiring is slowing down in the Gulf. “The number of applications we're receiving now is phenomenal,” says Nicola Beer, senior consultant for financial services at Hays in Dubai.... Read more

With liquidity locking up and financial recruitment showing signs of cooling, the UAE government has been quick to ensure the trickle of pessimism in the markets doesn’t turn into a flood. It has implemented a series of measures designed to shore up confidence in the region’s banking sector. President Shaikh Khalifa Bin Zayed Al Nahyan said yesterday that the government would guarantee all deposits and savings in national banks and... Read more

With slumping equity markets, liquidity injections, a bleaker outlook for domestic banks and oil prices heading southwards, there are signs that the global financial crisis is beginning to infect the GCC. Does this mean the frenzied recruitment so far this year could go off the boil? Equity markets in Dubai, Doha and Saudi Arabia all took a battering this week, while Kuwait’s sovereign wealth fund injected cash into the local... Read more

In a rare indication that the Gulf might not be totally sheltered from the problems dogging global markets, Dubai International Capital (DIC) has sacked 10% of its staff. Two senior executives have been laid off from the global equities team of DIC, the investment arm of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. And five senior staff have been axed from DIC's emerging markets team, the Financial Times reports.... Read more

International financial services firms are flocking to the Gulf like bees to honey, so in the first of our monthly round-ups of significant moves and new offices in the region, we give you a bite-sized review of what’s been going on throughout this month. Russian banks have been busy, with the country’s second largest bank, VTB, announcing plans to open a Dubai office. Its larger rival, Renaissance Capital, was said... Read more

HSBC has announced 1,100 job cuts in its global banking and markets division, which incorporates investment banking, but it’s not yet clear whether any of these redundancies will affect the Middle East. London appears to be hardest hit, with 500 investment banking jobs set to be axed, and spokesman Gareth Hewett confirmed that a further 100 would be slashed from its Asian operations. The investment banking division in the Middle... Read more