eFinancialCareers

Morgan Stanley has confirmed that it is making up to 15% of its Dubai staff redundant, while rumours abound that other international firms are making similar cuts. Any thoughts that Dubai might offer sanctuary to out-of-work Western investment bankers must surely have gone out of the window, as struggling firms are forced to trim their Middle Eastern staff. “The bank has made final reductions last week, with a total number between 10... Read more

Western bankers might be queuing up to enter the UAE, but it seems the focus of many of the region’s largest financial players is very much on developing a pipeline of local talent. The thorny issue of Emiratisation has never been higher on the agenda, at a time when financial institutions have the option of a beauty parade of international talent, following the jobs bloodbath in the West. While many... Read more

M&A volumes in the Middle East have tumbled by nearly 50% on last year and banks’ appetite to hire seems to have dried up along with the number of deals. The Middle East Databank, compiled by Dealogic for Financial News, reveals that the value of M&A deals year-to-date in the region is just $19.8bn – a 46% drop on 2007. This will be unsettling news for the army of bankers... Read more

It’s no secret that Dubai is currently attracting swathes of international bankers to its borders, but Western talent is coming round to the idea of moving out to other areas of the Gulf. As competition heats up in the UAE, areas previously thought of as ‘hardship postings’ are being viewed as more attractive, and offer opportunities aplenty. “Saudi and Kuwait have typically been very difficult locations to sell to... Read more

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