The Middle East may no longer be a sanctuary for senior investment bankers looking to escape cuts in New York and London, but a new hire at Arqaam Capital proves that there is hope for those out of the market in Western locations.
The emerging markets investment bank hired James Goldie, who previously held senior positions at J.P. Morgan and Deutsche Bank in London, as a senior adviser to the executive office in its Dubai operation, according to a source close to the situation.
Goldie has been out of work since 2011, when he left J.P. Morgan as managing director, investor client management. He joined the bank in 2008 having previously worked as co-head of European sales, ex-Germany, for the institutional client group at J.P. Morgan.
He joined Arqaam Capital this week, according to sources. The bank didn’t return requests for comment to confirm the move.
Arqaam Capital has been expanding over the past 12 months, having increased headcount by 20%, and is continuing to hire. In February, it named former Credit Suisse banker Wafic Nsouli as its new head of institutional equity sales.
Despite the increase in bankers gravitating to the Middle East over the past 12 months, there have been few examples of senior financiers moving from London or New York to the region. One headhunter describes Goldie as “a real big hitter” and the move has raised some eyebrows locally, he said.