I-bankers don’t despair part 2

The targeted investment banking layoffs have finally started (see prior post “Weak i-banking revenue but no real layoffs. What gives?“), and people that in some cases were “shorts” years ago are finally being asked to find a new place to hang their hats.

Rumours are that there are two swaths to the cuts at the bank-owned invetsment dealers. The first tranche now, and then a second again three or six months from now if revenue doesn’t firm up. As you’ve read here of late, this is not all bad for those of you who fear that you are on the bubble. There are good careers to be had in the Gulf Region (see prior post “I-bankers don’t despair” November 24-08)!

Here is an excerpt from an article in the Emirates Business 24-7 online magazine:

A shortage of talent in the fast-growing private equity industry in the Middle East and North Africa region is leading to major losses and may eventually cause the sector’s collapse, experts said.

However, they believe a lack of skilled staff was a short-term stumbling block and the problem should become less grave as the industry matures.

Rami Bazzi, principal Private Equity at Injazat Capital, said: “The PE business is about the quality of professionals in the fund manager’s team. Though we don’t have exact figures yet of the losses sustained because of lack of people but the absence or shortage of talent could not only lead to losses but also to complete failure.”

According to a report by Deloitte, private equity is witnessing strong growth on the back of increased liquidity in the region and will continue to do so, but there should be enough professionals to handle it.

There are lots of jobs a 12 hour flight away. Tax fee, too. You can give Bill Vlaad your resume, but he sounds pretty busy right now.

The opportunities in the Gulf sound to be right up your alley. And there’s no snow.

MRM