Just a month into the New Year, bad news seems to be flowing in for employees in investment banks. Multinational banks, especially the ones headquartered in Europe, will likely brace for more job cuts, impacting their operations in the UAE. However, the contagion may not spread to local entities, which are likely to see 2012 as a much better year.
“I would expect to see job cuts from most of the multi-national players in the region as there is a definite trend to downsize for any bank, which is headquartered in Europe. London based banks with a presence in the Middle East will continue to question their commitment to fringe geographies such as the UAE and thus I would expect continued downsizing of multinational onshore businesses,” Shane Phillips, MENA Regional Practice Leader, Financial & Professional Services at Stanton Chase told Emirates 24|7.
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