Salaries for top banking and finance professionals in the Middle East have been slashed by as much as a quarter over the past year as an economic slowdown hits corporate pay in most industries, according to recruiter Michael Page.
Pay for senior bankers fell between 20 percent and 25 percent, while salaries for middle-management positions dropped 5 percent to 10 percent, according to the recruitment consultant’s annual salary survey. Bonuses have also been cut, with the average payout now equaling one or two months’ salary, compared with three to four a few years ago.
“Before 2014 there was a lot of pressure on salaries and talented candidates were in high demand,” said Leith Ramsay, managing director at Page Group. “Now you have the best talent in the region and outside, and even if the salaries are 10 to 15 percent lower compared to those in the heyday, it’s still tax free.”
Finance executives have also had other benefits such as school fees — which form a significant part of overall pay packages — either cut or removed entirely. Expatriates working in the Gulf region aren’t always entitled to free places at public schools.
A slump in oil prices has hit local economies across the Middle East and forced many lenders to cut jobs. Banks in the region are also exploring mergers to stay competitive.
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