GF
Sector: Operations
Demand rising for back office superstars in the Gulf
Middle Eastern banks still need to get their houses in order. Technology needs to be upgraded, operations need to be administered and risk needs to be more closely monitored. The result is that experienced back and middle office staff are the new hot property. At the very senior end, more banks in the region are [...]
Shuaa’s redundancy announcement couldn’t have come at a worse time
Pity those in the back office of Shuaa Capital – the bank is targeting its administrative functions for redundancies at a time when few investment banks have any sort of appetite to recruit. It’s laying off nearly 11% of its total headcount – or 39 people – after another torrid quarter, during which ALL of [...]
Barclays offers 120-strong Dubai-based team a choice: redundancy or relocation
Over 120 staff in Barclays Africa headquarters in Dubai are being offered an unenviable ultimatum – redundancy or relocation, as the bank shifts the operation to a new office in Johannesburg, South Africa. Currently, Barclays carries out a number of back office functions related to its Africa operations out of Dubai – HR, finance and [...]
Five roles facing a skills shortage in the City
Should you be considering a move to the City of London any time soon, it’s worth noting that the jobs market appears to have come full circle from this time last year and a skills shortage is looming. Certainly, that’s the suggestion of recruiters Astbury Marsden, which has concluded that the number of skilled candidates [...]
Is the Middle East much cheaper than Europe for back office banking roles?
Considering the Middle East’s aspirations to rival London and New York with its financial centres, this isn’t something to shout about, but the region is becoming an increasingly attractive (and low cost) destination for international banks to transfer back office functions to. One bank to make such a move last year was BNP Paribas. Jean [...]
More cuts at Dubai state firm
Working for the government no longer seems like such a safe option – at least in Dubai. State-owned investment company Dubai World has announced its intention to cut 100 staff. Dubai World encompasses a wide range of firms, including port operator DP World and its private equity arm Istithmar World, and as at 2006 (the [...]
Gulf private equity firms want operational specialists
Private equity firms in the Middle East are focusing more on creating value within their existing portfolio companies, as opportunities for new investment are harder to come by and the economic slowdown makes it more difficult to make a quick profit. This is creating plentiful job opportunities for operational specialists. “Firms are looking for a [...]
Why do ‘old’ people work in the back office?
Ok, early 40s isn’t exactly an age at which you’re likely be reaching for the Zimmer frame and the denture adhesive, but it’s fairly antiquated when you consider that the average front-office banker is probably 15 years younger. Research from the Observatoire des métiers de la banque, a French organisation with affiliation to local unions, [...]
Pay pain for banks in the GCC
Pay in the Middle East is spiralling. It now makes up almost 60% of banks’ operating costs. A survey by consultancy Hewitt Associates suggests salaries in Oman and Qatar lead the way when it comes to eating into banks’ profits. But pay across the Middle East banking sector is becoming a problem – particularly when [...]
The Gulf’s turn-off for big swingers
Middle East financial centres are making hay on the global stage, but are still unlikely to attract big-hitting bankers. In the latest Global Financial Centres Index, Bahrain and Qatar were some of the most improved cities. While Dubai came in at 24th, Bahrain and Qatar were 39th and 47th respectively. These positions – slotting in [...]
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