London banking recruiters deluged with irrelevant CVs from the Middle East
If you're based in the UAE and have decided that you might like a job in London or Singapore, then good luck. Some headhunters say they are now overwhelmed with applications from people trying to flee the region.
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"We are being flooded with irrelevant CVs from the Middle East," says one London front office headhunter, speaking on condition of anonymity. "Everyone is desperate to get out. If they're cut, they know they won't be able to find new jobs within 90 days."
It's relatively easy for employers to terminate people in the Middle East. The DIFC specifies that contracts must have a notice period of 30 days, but expats in Dubai typically have a visa-related grace period lasting only 90 days in which to look for a new job after they're terminated. If they can't find one, they have to leave. If they don't leave, they are fined for "immigration violations."
In the circumstances, Europe suddenly looks like a good option.
Investment banking recruiters in London have mixed reports on the health of the local hiring market in the wake of the war. Logan Naidu, founder and CEO of Dartmouth Partners, says nothing's changed: "There has been no hesitation or hiring slowdown so far. Clients either have not seen a slowdown in revenues or expect this to deescalate." Another M&A headhunter says search mandates are still being awarded but it's quiet: "Everyone was super positive in early January but that's faded fast. There's really not much hiring going on now," he adds. This is despite claims by Citi and Bank of America this week that their investment banking revenues will rise by double digit percentages year-on-year in the first quarter.
Markets jobs that benefit from volatility should hold up better than the banking jobs reliant on a stable deal environment. However, hiring processes here are being slowed by the chaos of the ever-changing situation. Russell Clarke, a partner at fixed income search firm Mantis Partners in London, says both clients and candidates are busy amidst "heightened volatility" and are "prioritizing deal flow across financing and investment activities." Recruitment is not the priority.
This is bad news if you're trying to line up a new job outside the UAE. It is even worse news if you're applying wildly for vacancies that probably don't suit your profile anyway.
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