Mubasher: Salaries for top bankers in the Middle East have been cut by nearly a quarter in 2018 due to an economic slowdown.

Senior banking professionals have seen a pay cut ranging between 20% to 25%, while salaries for middle-management bankers dropped between 5% to 10%, Bloomberg News reported citing recruiter Michael Page.

“Before 2014 there was a lot of pressure on salaries and talented candidates were in high demand..Now you have the best talent in the region and outside, and even if the salaries are 10% to 15% lower compared to those in the heyday, it’s still tax free,” Page Group's managing director Leith Ramsay said.

Local economies in the Middle East region have been hit by the declined oil prices, leading lenders to cut salaries and reduce jobs.