Recession prompts bank staff shake-out

In the summer of 2006, oil prices were shooting through the roof and global banks rushed to set up offices in the Dubai International Financial Centre to win petrodollar business.

As the investment banks descended on the DIFC, established financial institutions would find entire Mideast teams poached by rivals. Recruiters offered multi-year guaranteed bonuses to lure stars from Asia and Europe.

Four years on and almost two years since the onset of the global financial crisis, banks are at a turning point. Some high-flyers are moving onto other, more enticing prospects and teams are being shuffled.