Bankers in Middle East Confident Bonuses Will Beat PeersMatthew Martin
Finance professionals in the Middle East are more confident of receiving a bigger bonus this year than their colleagues around the world, eFinancialCareers said.
About 65 percent of finance employees in the Middle East expect a higher payout, compared with 60 percent in the U.S. and 56 percent in the U.K., the careers website said in a statement, after surveying more than 3,000 professionals globally. Bankers in France and Singapore have the lowest expectations, with 42 percent seeing a higher bonus for the year and more than 20 percent expecting to receive less.
Investment banking activity in the Middle East is gaining on surging equity markets and economic growth. Initial public offerings in the Middle East and Africa raised $17.5 billion this year, compared with $5.8 billion in 2013, according to data compiled by Bloomberg. Saudi Arabia’s National Commercial Bank completed the second biggest initial public offering of the year this month, raising $6 billion from local investors.
“The market’s sentiment for the region has been on a high this year,” James Bennett, managing director of eFinancialCareers, said in a statement. “This year’s results almost mirror last year’s confidence in bonus expectations, with those expecting to receive an increase in their bonus marginally higher than last year.”