UK
Down and out in London? Try Dubai, or Moscow, or Istanbul…
London hiring may be running dry, but there are still plenty of opportunities overseas. Last week, for example, Financial News reported that Goldman had rebuilt its Moscow investment banking business, that Lehman Brothers had recruited two directors in Moscow, and that Citi had bought an equities business in Turkey.
Any current hires or business buys will have been in the pipeline for months, but emerging markets recruiters say they’re still getting mandates for new jobs. “I’m closing mandates later in the cycle than I’ve ever done before,” says Taru Oksman-Ison, partner and head of emerging markets at headhunter Principal Search. “People are willing to take the pain and buy out bonuses.”
Rupert Fordham, chairman of search firm Morgan Hunt, confirms emerging markets are still hot: “The activity is in Russia, Turkey and the Middle East.”
Who’s being hired? Fordham says Russian demand is for “talented people with right connections – what everyone wants is a rain maker with links to the oligarch groups.” The sector focus is reportedly private equity, real estate and – until now at least – structured products.
Oksman-Ison says demand is more at the junior to mid-level end: “There’s a real lack of people at the associate strata.”
Both agree, however, that junior bankers who are through with London will find it hard to move into emerging markets without local knowledge. “The ideal requirement is for locals – or at least for Westerners who know the language,” says Oksman-Ison.
The activity has largely frozen- the hires that have been made were based on July offers. Otherwise there is a freeze.
No way, I am at VP level and I got three offers from BNP, CIBC and Greenhill as late as last week – considering now.
Easier said then done…
What companies are looking to do is buy in a book. Pure and Simple. For many we recognise that this shortsightedness will have implications; that clients will ultimately become sick and tired of being pushed from pillar to post; if there’s one thing that Emirati oligarch clientelle despise it’s a lack of loyalty.
So instead of doing (dare i say) the right thing and building a base and investing in associates and brokers who can sell, maintain relationships and most important of all, understand the culture, value system and religion, corporations are burning a hole in their balances as they replace one unsuccessful recruit with the next.
You have to keep in view that in Dubai or Abu Dhabi in particular, kids’ school fees can come in at 10k – 20k pa each and this is before the housing costs which are on a par with the city.
It may be about good luck and good connections but the sooner companies start thinking properly, the sooner they will see the benefit on their bottom line. Did some one say relationship management?
Why are we always doing things backwards….
I find it relatively true, the likes of jobs in london are on freezing, I had the opportunities of coming to London on work visa, since the current crise in Credit.. I have opted an offer in Middle East, then coming to London.
Its sometimes managing our own RISK.
Spot-on Mohammed. Unfortunately employers seldom recognise people like yourself and pay them decent bonuses BASED ON THEIR REVENUES, at least in Switzerland. If they do, its mostly because they are afraid “the book” is going to leave the bank along with the banker.
Dare I say: In an ideal world, I could not agree more with you.
For bright Russians with right oligarchic connections there is a moral dilemma – serve the crooks and criminals, helping them cash out and launder their shady fortunes, delute the quality of LSE and NYSE in IB or work with mafia and bandits in private equity venture? – as a notion of a good Russian partner is essentially an oxymoron.. Or build your international career on an unfamiliar but better quality turf??