Demand for financial professionals increasing

Head hunters are reporting the first signs of hiring among banks and private equity firms in the GCC since the economic crisis hit the Gulf last autumn, although financial professionals are reportedly having to accept salaries up to 30 per cent lower than they may have commanded six months ago.

The Dubai-based recruitment firm IQ Selection, part of the global Premier Group, says inquiries from potential employers have increased by about 60 per cent in the past month.

“We’re seeing hiring happening mainly in the front office for private equity and investment banking capital markets,” said Jonathan Gould, a financial services consultant at the recruitment firm. “Before, the hiring market was a shut shop, with redundancies and rate cuts. Now, firms are coming to us with live vacancies and wanting us to supply them with talent.”