eFinancialCareers

Which banks and bankers are suffering the most? No prizes for guessing… ACUTE PAIN 1. Merrill Lynch Share price: down 44% since January 2007. Bonus per head*: $181.3k, down 25% on 2006. Net profit for the first nine months of 2007: $1.9bn, down 61%. Redundancies: none announced so far, but exit of chief exec Stan O’Neal is imminent. 2. Bear Stearns Share price: down 38% since January 2007. Bonus per head*: $407.6k, down 20% on 2006. Net... Read more

So is Dubai a major global financial centre (and a great place to develop your career)? Not according to a new survey. The second report from the Global Financial Centres Index (GFCI) suggests Dubai falls outside the top 20 global financial centres and ranks behind the likes of Toronto, which is hardly known for its financial prowess. The good news is that the desert city doesn’t have far to go before it’s... Read more

The landmark US$3.8bn DP World flotation could see the IPO floodgates open in Dubai, and that could generate increased demand for ECM professionals in the region. Earlier in 2007, Ernst & Young predicted US$18.3bn of IPOs in Dubai this year, but we’re a long way off that right now. Until the DP deal, there were just five ECM deals on the Dubai International Stock Exchange (DIFX) this year, representing a meagre... Read more

Middle East state investment funds are flexing their financial muscles globally. What are the chances of getting a job for one? In recent weeks, the Abu Dhabi government has bought into US private equity group Carlyle, and the Qatar Investment Authority has bought into Swedish exchange OMX. Last year Dubai bought control of ports company P&O (including its Australian operations) as well as hotel company Travelodge. As regional sovereign funds expand their... Read more

The rising cost of living and strong demand for specialist skills are forcing banking pay up by as much as 40% a year. “Demand for investment bankers, structured finance professionals, and client relationship managers has driven the dramatic increase in compensation over the last three years,” says Alex Cormack, director and head of Middle East at headhunters Sheffield Haworth. In exceptional cases, headhunters say senior management packages have increased from US$1.5m to... Read more

As the dollar falls, so does the allure of taking a job in the Middle East. Last week, the US dollar dropped to an all-time low against the euro and three-month lows against the yen and sterling. With the US Federal Reserve expected to carry on cutting interest rates and the US economy suffering particularly painfully from the sub-prime crisis, the dollar's demise is expected to continue. What's good for transatlantic shoppers... Read more

Domestic banks in Dubai have found a new way of stopping their staff from quitting. Tired of seeing their employees quitting for more money after bonuses are paid out, it seems local banks in Dubai are tying staff in with long contracts (and more money) instead. It's no secret that employees in the city are a fickle bunch and that talent is scarce. However, in contrast to the bonus buyout tactics... Read more

There are still plenty of Middle East-focused staff who are based elsewhere and fly in and out for meetings. When JPMorgan appointed a new telecoms, media and technology banker to cover the Middle East last month, it did so despite lacking an established investment banking presence outside Saudi Arabia. Mehmet Abbasoglu, a one-time head of investment banking at Merrill Lynch in Turkey, will be based in London and join a long... Read more

Fancy working in Ras Al Khaimah? Now's your chance. A recent report in the Khaleej Times suggests over 1,000 companies may move to the new Ras Al Khaimah Financial City. Jobs are likely to follow. "The financial city is expected to create thousands of jobs as it strives to become a financial services hub," says Dr Imad Haffar, chief operating officer of Rakeen, the real estate arm of the Ras Al Khaimah... Read more

Costs may be rising, but you can still make more money working and living in Dubai than in London. Life in Dubai is 40% cheaper than London and 12% cheaper than New York. But salaries for senior bankers are often on a par and bonuses are rising to match. Even in those sectors where pay is higher in London, it may only be just enough to offset the cost differential. For... Read more

Step aside Dubai, Qatar also wants to become a regional financial services hub. Last week, Qatar and Dubai teamed up to create a new US$1bn investment vehicle to look at regional investment opportunities. The Qatar Financial Centre (QFC) regulatory authority recently granted Citigroup a banking licence to open a corporate branch, while Barclays got the nod in September. The banks will have their offices in the QFC headquarters in Doha. The chairman... Read more