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Unexpectedly deep redundancies at NBD add to the pool of unwanted staff in Dubai
Emirates NBD is making 750 people, or 15% of its staff redundant. Cuts were anticipated, but this has still come as a shock. “I was expecting them to rationalize their cost base, although I was expecting a more gradual contraction in cost,” Shabbir Malik, a Dubai-based analyst at EFG-Hermes Holding, told Bloomberg, ”…this is going to [...]
A dose of reality for Emiratis trying to break into banking
The rhetoric coming out of most banks in the UAE when it comes to Emiratisation is simple – recruiting local candidates is a key priority, they’re well-represented in the workforce but quotas will continue to increase and Emirati workers are the long-term solution to the burgeoning regional financial industry. But are the problems engulfing the [...]
Maybe you should be looking for work in Turkey?
While the UAE receives much of the attention surrounding financial services in the Arab world, another country is also emerging as a source of employment growth in the industry: Turkey. At the end of 2011 global recruitment firm Manpower Group was enthusiastic on the prospects for jobs in Turkey. “Turkish employers remain among the most [...]
People are leaving RBS in Dubai – and Nomura is hiring some of them
RBS’s redundancies have started. The Financial Times said last year that the bank wanted to close down some of its middle east operations. This was never confirmed by RBS, but it emerged this week that the British bank is ending its equity research tie-up with Rasmala Investment Bank as it pulls out of equity sales [...]
Bahrain would like to stress that it is still a big private banking centre – although Coutts is hiring mostly in Dubai
SocGen may have closed its private banking office in Bahrain (whilst remaining open in Dubai and Abu Dhabi), and Coutts may be looking for up to 20 new Middle Eastern staff (with 15 in Dubai and the remainder in Abu Dhabi and Doha), but it’s not all over yet for Bahrain. The Kingdom has been [...]
GUEST COMMENT: Bank by bank, this is what associates in M&A got paid in London this year
“’All I wanna do is go the distance. Nobody’s ever gone the distance with Creed, and if I can go that distance, you see, and that bell rings and I’m still standin’, I’m gonna know for the first time in my life, see, that I weren’t just another bum from the neighbourhood.” We have taken [...]
If you want to work for a large Arabic bank, this is where you must send your CV
Size isn’t everything, but in a world where size can protect against market shocks and make a bank too big to fail, it can be a good thing. With this in mind, you may be interested in a new ranking of the largest Arab banks, produced by the Union of Arab Banks. According to the UAB, [...]
A simple test that will tell you whether you are going to lose your job
Rare is the bank that is not undergoing some sort of cost cutting procedure in the current market. Credit Suisse, Barclays, HSBC, Nomura, UBS and even Deutsche (which purports to be seizing market share and seems to be hiring) are in the grips of efficiency programmes aimed at driving down costs. Some are doing so with the [...]
These changes to the UK’s immigration rules appear to be good news if you’re a non-EU citizen who wants to work in financial services in London, as long as you actually have a job
As most non-EU financial services professionals will be aware, there have been big changes to the UK’s immigration policy in recent years. The UK government is attempting to reduce the number of migrants into the country, and has made it more difficult to move to the country if you’re from outside the EU. This is [...]
This is where you may want to work in Bahrain
If you want to work in Bahrain, it’s worth keeping an eye out for the new venture from Talal al-Zain, the former head of Bahrain’s sovereign wealth fund, Mumtalakat. US-educated al-Zain quit last week (allegedly over the lack of deal activity at Mumtalakat) and, according to Zawya, is setting up his own financial services company, which will become a joint venture [...]
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