Bankers working for local offices of US and European institutions are looking with fresh eyes at jobs at UAE-owned banks in an effort to avoid yet another round of salary and job cuts as the global financial crisis wears on.
Compared with five years ago, when hiring was in full swing, the mood could hardly be more different now, said Charles Francis, a partner at the financial services recruitment firm The GCC Partners.
"Now the music's stopped and a lot of people have left the region. International banks here are retrenching," Mr Francis said.
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