UK
In one of the more bizarre recent job moves, the former co-chief of global credit at Citigroup, Mark Watson, has re-emerged as chief executive of Malta’s Mediterranean Bank. This begs the question whether the island is keen to attract UK financial talent.
The simple answer is that it does want to tap UK financial services expertise, but possibly not in such glamorous roles as Watson’s new post. Mediterranean Bank is trying to carve a niche for itself through adopting a Swiss style of wealth management (having recently been purchased by private equity firm Anacap Financial Partners) and this is not something Malta is renowned for.
Instead, over the last couple of years it’s worked hard to attract captive insurance business (going from 0 to 17 companies since 2004) and fund administration firms (which have more than doubled in five years).
There are over 6,000 people employed in Malta’s financial industry, but a survey by the Malta Financial Services Authority pointed to a skills shortage, with firms citing a lack of qualifications and work experience among the local population.
Matthew Camilleri, director of financial services recruiter Castille Resources in Malta, insists that international expertise is essential to the development of the island’s financial sector.
“Firms tend to look beyond Malta for senior roles in areas such as corporate and commercial banking, wealth management, treasury and investment advisory roles,” he says.
But John Zammit, director of executive search firm Antal International in Malta, says after a period of rapid expansion, financial services firms have become more cautious about taking people on this year.
“Nonetheless, there are specialist skill-sets which simply cannot be found locally and UK experience is highly valued,” he says.
The good news is that, according to a recent assessment by the IMF, the Maltese financial sector has thus far held up quite well. But, should you be tempted to make the move, expect quite a hefty pay cut.
Camilleri says bonuses are a fraction of those offered in London, and base salaries typically come in at around 30-40% lower than in the City.
Career in New York……London……Malta. I can see the logical progression.
a place to go if you need to booze and slowly atrophy.
I think it is prefectly logical, if you are at a point where you want to start enjoying work again. Bonuses are not high at all however, basic salary, benefits (car etc), accommodation and the lifestyle are great. The competition is decent without the ruthlessness found in London and NY.
work hard get better paid, and be merry with the local relaxed life style.
Malta: Major economic migrant problems.
http://www.dw-world.de/dw/article/0,2144,3621641,00.html
OK to work there for a while to enhance your career but as for settling down, much of the EU will be ‘challenged’ with illegal immigration by those seeking a better life with nothing to contribute.
Choose wisely.
Malta is the new “dubai”.
Yes I would like to work there and I am totaly sure that I wont regret it, because there is a new capital market with a lot of possibilities of grow up in a proffesional and personal way.
I can absolutely see myself working there.
i work in malta. and whilst i agree the pay is not as high as ny, hk or london, im not far off, a great family environment, relaxed people, 10 minutes to work by car, good quality private schools…oh and great weather.
I would be willing to move to Malta I have worked in Spain and enjoyed the challenge so would not find this to be a problem. Would quite like the opportunity to go if given the chance
I would love to work there. Did a stint in Sicily just across the water, a desert Island! Malta I am sure very similar, no better.
absoulutely.. it is indeed the new Dubai. strategically proving to be very important. Would however like to know their AML and other policies.
This would definitly be a bit of me. Being a young and upcoming professional, the chance to work in any overseas location would be greatly received, re-enforce my desire to work in my chosen industry, and would look impressive on the CV.
I find it amusing – several of the last posts are clearly one recruiter trying to either i) take the piss (hopefully), or ii) is actually stupid enough to think someone might believe the positive reviews.
Malta…….no thanks.
I used to work in London and now moved back to Malta. As career progression I am afriad I did the wrong choice, the possibilities are restricted and find my current job as very boring and not dynamic. London is a though city but there is much more future…..however it depends what you want in life. If you would like security with a very decent pay and amazing weather, with a young family…..Malta is the place to be…….it is safe and there is high level of education for kids, easy to get to one place to another……..for an eager, passionate and ambitious individual, single and over 30…. well…. you might have…..might not fit in the the extreme catholic culture.
I can see myself working in Malta as well…I have over 10 years of experience in Private Banking, Wealth Management,Retail Banking,
Card Business. Instrumental in Starting branch netwroks and private banking offices.
Malta sounds like a potential new financial center, and would be interesting to read more about the Malta’s Mediterranean Bank.
New challenges would enhance your career profile and capabilities, I would love working there and experience a new life style
surely could give it a go…. whats the AML and Compliance looking like. Malta does not sound as bad.
Malta is my favourite destination. If given the opportunity I would work there. I lived & worked in Jersey for over 3 years in finance, setting up an off shore investment institution & thoroughly enjoyed the challenge & experience.