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Mon 13 Oct 2008 11:01 AM

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Consultancy receives 90 Wall St CVs a day

Investment bankers continue to seek new jobs in Gulf after collapse of US giants.

An IT and recruitment consultancy in Dubai says it is receiving up to 90 CVs a day from former Wall Street investment bankers.

Thousands were made redundant in the fierce round of bloodletting on Wall Street in recent weeks due to the collapse of the investment banks Lehman Brothers and Merrill Lynch and insurance giant AIG.

Unemployed investment bankers are looking to the Gulf for work, which has so far been less hit by the global credit crunch.

A source close to Grafdom, which has an office in Dubai, told Arabian Business: “On average there are 80-90 people a day from US-based operations sending their CVs to Grafdom. They are all looking at the Middle East as an alternative.”

Brian Jackson, business development director at Grafdom said that interest in the emerging Middle East financial markets has risen sharply, particularly in the last two weeks.

UAE banks as well as investment banks with Gulf-based operations are thought to be among those keen on attracting the pool of skilled labour from America, where the financial crisis is deepening.

But the source close to Grafton warned that some ex-AIG employees are not as well qualified as their banking counterparts.

“Some have been let go because of poor performance. The former AIG staff are a mixed breed but the bankers have nearly all been made redundant because their companies went bankrupt,” the source said.

Last month saw three of America’s largest financial institutions go bankrupt because of exposure to toxic-sub prime debt.

Lehman Brothers’ core assets were bought by British bank Barclays for $1.75 billion, Merrill Lynch agreed to be taken over by Bank of America for $50 billion, and the US government took control of insurance giant AIG with $85 billion emergency rescue package.

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