A Goldman Sachs managing director who moved from London to Dubai before the financial crisis hit, has just taken a role heading up investment banking for a local player in Abu Dhabi.
Adam Clayton, a Goldman Sachs managing director who moved to Dubai in 2007, is now head of investment banking at ADS Securities in Abu Dhabi. ADS Securities is a forex and commodity trading house based in Abu Dhabi. It has around 270 employees. Clayton joined earlier this month.
He worked in structured credit sales at Goldman Sachs and went to Dubai at a time when the bank was building its Middle East team and relocating senior staff from the City. Goldman Sachs opened an office in the Dubai International Financial Centre in June 2007.
Dubai’s popularity among expat investment bankers surged after the 2008 when bulge bracket firms starting cutting hundreds of heads in London and New York. The mantra “Dubai, Mumbai, Shanghai or goodbye” was coined as bankers looked for sanctuaries away from the carnage.
For most moving to the Middle East, the move was a temporary measure, however. One of the highest profile moves was Alasdair Warren, now head of investment banking for EMEA at Deutsche Bank, moved to Dubai with Goldman Sachs in 2008. He lasted less than a year, however.
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