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Everything we know so far about bonuses and deferrals, bank-by-bank
As a follow-up to our earlier article on the state of bonuses, cash caps and deferrals on a bank-by-bank basis this year, here’s what we know now. Feel free to email us at Editor@eFinancialCareers.com or to leave a comment if you know additional details that we don’t. Bank of America Cash bonus cap? Yes, but it [...]
The Middle East is the only region where headcount has INCREASED at UBS
The fourth quarter of 2011 was not a good one for UBS – profits have tumbled by 76% year-on-year, its investment bank has posted another loss, headcount is being slashed and the bonus pool could be down by as much as 60%. Yet in the Middle East and Africa, where it admittedly employs a comparatively [...]
Disaster as the UBS investment banking bonus pool is reduced by at least 60%, making zeroes inevitable
After all the waiting, the worst seems to have come to pass. Still ensconced in Wandsworth prison, Kweku Adoboli appears to have precipitated a 60% (minimum) reduction in the UBS investment banking bonus pool. The figures are given in a confusing graph included in today’s investor presentation. Shown below, this shows the portion of the [...]
Disaster in Abu Dhabi as local investment firm gets rid of 50% of its staff
Yes, there have been redundancies in the Middle East. Equity research jobs have been cut. Shuaa Capital and Hermes announced some job losses last year, along with various international banks. Global Investment House and Kipco Asset Management announced nearly 100 job cuts in January. But, as far as we know, there haven’t been any other cuts [...]
THE UAE ADVISER: Prove to the business that you’re not a cost centre
The attitude towards HR among the upper echelons of Middle Eastern financial institutions is so antiquated it wouldn’t look out of place in an episode of the Flintstones. Shortly before Christmas I sat in on a senior management meeting at a large regional financial institution. When the HR director suggested that his division should be [...]
Who hired in the Middle East in January?
For the time of year, the number of new hires announced in the Middle East financial sector was relatively modest, with a focus on wealth management or very senior recruitment. Barclays has unveiled Kersi Patel as head of trade and working capital. He joins from HSBC. Barclays Wealth has announced the appointment of Faisal Shaker [...]
GUEST COMMENT: I quit banking for baking and I have no regrets
Anyone working in the financial sector in Dubai doesn’t need telling that it’s currently a tough time, particularly for those in a broking function. The lack of trading volume has hit many firms hard – the number of brokerage firms in Dubai has halved over the past year – and few institutions have the wherewithal [...]
Career stasis: when thousands and thousands of people want your job and you have few alternative options
Banking pays less than it used to. Bonuses are reputedly down 30% at Credit Suisse, down 25% at Bank of America, and down similarly elsewhere. This doesn’t mean people don’t want to be bankers. Bob Diamond clarified the extent to which university students still do yesterday, when he said: “Last year, we had applications from 107,000 [...]
Five sectors that are heating up in the first quarter
Generally speaking, the picture for financial sector recruitment in the Gulf is still relatively opaque. With uncertainty reining both globally and regionally, hiring plans – usually formulated in Q4 – have been slow to come into fruition and recruiters we contacted spoke of a sense of frustration about the lack of clarity. Nonetheless, it’s clear [...]
Why investment bankers in the Gulf should be eyeing a move to VTB Capital
In the current climate, few firms are talking up expansion plans, which is why Russian investment bank VTB Capital’s international recruitment drive – including big plans for the Middle East – is garnering a lot of attention. Last year, VTB Capital hired 25 front office investment bankers for its overseas operation and has plans to [...]
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