Cheap Oil Means as Many as 1,500 Middle East Bankers Seek Jobs - Bloomberg Business

Cheap Oil Means as Many as 1,500 Middle East Bankers Seek Jobs - Bloomberg Business:

"Bankers who have been dismissed in the United Arab Emirates may struggle to find work as the region grapples with the impact of oil below $30.
Banks in the country may have recently cut as many as 1,500 jobs, according to financial recruiters and Bloomberg calculations. While dismissals are taking place at international companies such as Standard Chartered Plc and HSBC Holdings Plc, local lenders, once seen as a safe-haven for seasoned expatriate bankers, have also dismissed workers. In some cases, they’ve explicitly said that expatriates will bear the brunt of the job cuts.
"Low oil prices have run through all industries in the region and hit the financial sector hard,” Trefor Murphy, managing director of recruiter Morgan McKinley in the Middle East and North Africa, said in a telephone interview. “It’s now an extremely challenged market. You’ll see an exodus of bankers.""



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