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Wed 17 Dec 2008 12:24 PM

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Demand still high for bankers amid global crunch

UAE recruitment chief says top banking execs still wanted in Dubai despite recent lay-offs.

Demand for top banking executives remains strong in Dubai despite recently announced lay-offs, according to specialist recruitment firm Taylor Hofer.

“A closer look clarifies that lay-offs at banks are only minor job cuts and they happen mostly in investment banking,” said Thomas Hofer, managing partner at Taylor Hofer Partners in the UAE.

“Even those financial institutions which are mentioned in the press continue to hire.”

Still, Hofer now expects the market to shift from “speed recruitment” towards a focus on quality.

Private and Islamic banks are still in need candidates with a view to stay in the Middle East for more than a few years, but are less interested in managers seeking to escape from tough labour markets in Europe and North America, he claimed.

The key to a successful career in the Middle East is commitment, cultural and social competences, according to the firm.

Zurich-based Taylor Hofer specializes in recruitment for management and specialist positions. The company has operations in Switzerland, the UAE, India, Australia and South Africa.

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Miss Moylan 11 years ago

I have been a senior recruitment Director in the UAE for over 10 years and i have been fortunate enough to have a very successful career. This is why i can ask, where is this high demand for bankers? All of my clients across the board are on hold until January and clients are being extremely cautious in there recruitment plans for next year. I feel such a statement is unresponsible to post, these professionals need to be informed that this Region, Dubai especially, is tight at the moment and to hold onto there jobs for as long as possible. if you disagee and have hundreds of active mandates, can i come and work for you!