Local banks are on the hunt for new talent, as lay-offs at major investment banks lead to increased opportunities for Middle East financial institutions to grab senior executives.
Investment banks in the United States have announced tens of thousands of job cuts during the past two years, replacing more senior staff with younger and cheaper employees and switching trading floors for algorithms to save costs.
That has given Middle East banks a prime opportunity to attract experienced senior executives, said Salmaan Jaffrey, a director at PricewaterhouseCoopers' regional financial services practice.
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