Some European bankers who lose their jobs may be able to find new ones in Nigeria
In Europe, blood is on the floor. Virtually all the big banks have announced redundancies, as have smaller ones. But while jobs in developed markets are being chopped, jobs in emerging markets are still growing.
Last week, Goldman Sachs highlighted the multiplier effect of GDP growth on its revenues, saying the average impact varies from 1.4x to 1.7x.
This is significant, because Africa is emerging as an important source of global GDP growth. The World Bank recently published statistics demonstrating that seven out of the ten fastest growing economies in the World are in Africa.. Ghana's GDP, for example, is forecast to grow by between 14% and 26%, towering above the anemic performances of the UK and the rest of Europe. Unsurprisingly South African and international banks are fiercely competing to increase their presence in Ghana and other high-growth countries and are recruiting. StanChart, Standard Bank, RenCap and many others are opening offices and looking for talent.
International experience is prized in Africa; a CV that includes some years in the City or on Wall Street is guaranteed to get attention.
But there are obstacles. First of all, as the old saying goes, Africa is not for sissies: working there requires great adaptability and a sense of adventure. Secondly, priority will always be given to African expats who choose to return. They are "the perfect prize", as they combine international experience with knowledge of their country of origin.
However, Westerners still have a chance. "Bankers with specific experience in excess of 5 years in areas such as international audit, Treasury and M&A are in demand as well as candidates with specific banking operations experience, - says Ian Woodthorpe, director of GAP Placements, a specialist relocation recruitment firm.
He adds: "Africa experience is important. It doesn't have to be gained by living in Africa. Often emerging markets experience, even if based in London or New York, is highly regarded."
South Africa has very high barriers to entry, as strict employment equity criteria require all companies to employ (preferably non-white) citizens.
"Foreigners do get working visas if they have unique skills, but it is a challenging road," says Phryne Williams, managing director of Capital Assignments, a specialist financial services recruitment firm. She adds: "In the rest of Africa it is easier to get a job than in SA, especially as many South Africans do not want to live elsewhere in Africa and banks prize people who are prepared to move."
Woodthorpe agrees that, "in the rest of Africa, such as Nigeria, it is easier for the right skills set to be sponsored." He says the biggest difficulty is managing expectations: "Don't expect to be paid London salaries and bonus payments. Remuneration levels are lower, in line with the cost of living. But often candidates are offered expatriate rates so housing and schooling is paid for. This a real growth area."
