GUEST COMMENT: How to spot the fake, information-gathering interviews for sales staff in the Gulf

Anyone working in the banks sales teams would have lost a few hairs recently, and those that remain have a new silver hue, as they bust a gut to meet unrealistic targets in a tough market. In such circumstances new job opportunities are few and far between, but a number of banks are now indulging in some unscrupulous activities.

It’s common, increasingly common in fact, for sales staff to be invited to interview for a fictitious job, just so the bank can extract some leads from them.

Unfortunately, I was duped on one such occasion. I let it slip that I’d made over $4m from just one local government account from fixed income structured trades. It turns out that the bank interviewing me wasn’t even talking to that client, so clearly this information piqued their interest.

Low and behold, a few weeks later, I received an e-mail explaining that – even though I was a good candidate – the headcount had not been approved, business was slow, market conditions were tough, management at the top were being cautious…the usual spiel.

Then, I met with the client and they mentioned they’d been approached by the same bank. Call it bad luck – or an unhappy coincidence – but I asked around my friends working at other Middle Eastern banks and the same thing had happened to four of them!

So, the question is how do you know when an interviewer is really looking to hire and when they’re just fishing for valuable market intelligence?

Any salesman faces a dilemma in the current market conditions. You want to present yourself as a good candidate for the job, and in sales this means bigging up your achievements, but you need to avoid giving up too much information that could be used by a potential employer without hiring you. Let’s also not forget client privacy, which used to be central to a salesman’s modus operandi, but has now become a foot note – the shame!

The problem with any sales interview – particularly at VP level and higher – is that you must demonstrate that you know the right clients (and that they know you), and have a track record of closing deals with them. Overlap in coverage with any potential employer’s existing sales team is a problem, so this means you either have to convince them that you have a stronger relationship, or point out clients that they do not cover at all.

The easy way around being duped into giving up information is to do your research on a potential employer. The market isn’t huge in the MENA region, so it’s relatively easy to find out who works on a desk similar to yours, what their coverage is and then position yourself based on this.

The first round of interviews is usually with VPs or directors, and these are the guys you should watch out for. They’re most territorial about their client coverage – whether they admit it or not – and will use any information you give them to fast-track their career. Schmooze them any way you can, but don’t give up any client info, until the later stage when you meet the managing directors.

Feel free to be direct in your questioning of any potential recruiter to see if they have any headcount approved. Don’t fall for the line “we’re not really hiring, but are opportunistic in our approach”. This is the classic ruse.

If you’re in securities trading, you should mention client names, but those in wealth management should just give a summary profile of each client – their business sector, net worth, country of origin. Reveal the deals or trades you worked on, as long as it’s public knowledge, and don’t in any circumstances match the trade with the client. If the employer is genuine, they’ll respect that.

The writer is a senior VP an international bank in Dubai