Burnt Out Middle East Bankers Seek Change as 53% Pursue New Jobs

More banking and finance professionals in the Middle East than in any other region are seeking new jobs because they’re feeling burned out and worry their careers are stalling, according to eFinancial Careers.

Fifty-three percent of financial-services employees plan to change position, with a quarter citing a lack of career progression as the main reason for the hunt, eFinancial Careers said today in an e-mailed report. That compares with 43 percent of financial professionals looking for new jobs in the U.S., 41 percent in Singapore and 34 percent in the U.K. and Hong Kong.

Dubai, which teetered on the brink of default in 2009, is rebounding as equity and property markets soar in the regional business hub. The world’s best-performing stock market and a revival of transactions are prompting banks and brokerages to renew hiring in Dubai after many cut teams during the crisis.

“There is a clear gap between expectations and reality,” James Bennett, global managing director of the financial-services site, said in the report. “Over four in ten of those actively looking for a job had originally accepted their current role based upon career prospects. Yet a quarter says the lack of career progression triggered their decision to change employer.”

’Burnt Out’

Within the Middle East, including Dubai, Qatar, Saudi Arabia and Kuwait, 38 percent of finance professionals said they move jobs every four to five years. Almost one in five, or 19 percent, of employees said they feel “totally burnt out,” according to the report, based on a survey of 8,761 finance professionals globally from April to May. France reported the highest number of exhausted employees at 20 percent.

When asked about their employer of choice, 34 percent of respondents said they didn’t have one, while HSBC Holdings Plc was the most popular amongst employees in the Middle East. Emirates NBD PJSC and Abu Dhabi Commercial Bank PJSC were second and third respectively. Globally, Goldman Sachs was the number one employer of choice, followed by JP Morgan Chase & Co. and BlackRock.

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