Banks are busy transferring as many staff as possible away from the stagnant centres of London and New York and into the high growth markets of the Middle East and Asia.

But with these markets lacking the depth of their Western counterparts and fund managers such as GMO's Jeremy Grantham arguing that emerging markets are the next big bubble, is now really the time to be going East?

Kaven Leung, chief executive officer for Citi Global Wealth Management Asia Pacific, told the Financial Times this week that smaller banks which have been growing their wealth management platforms in Singapore are in for a struggle: “They will find it much more difficult this year to sustain the kind of business that makes sense, particularly for those who have come late,” she says.

Layoffs may ensue. And if – and when – the bubble does burst, it’s fair to assume that the Western bankers parachuted into the region without local contacts will be the first to go.

Should you resist the pull of the East? Or are Dubai and Shanghai where it’s at? Participate in the global debate below.