During the meltdown, there was a lot of talent inbound to Bay Street from elsewhere in the world as firms in other financial centres downsized.
That didn't stop some from taking a contrarian view.
Just about the time Lehman Brothers was self-destructing, Saad Mahmood, a sell side veteran, left Toronto and ITG Canada to head to Dubai, where he joined Arqaam Capital in fixed income.
After two eventful years, starting with Lehman and rolling through Dubai's own debt problems, Mr. Mahmood is moving on again, this time to Morgan Stanley where he is a vice president focused on credit sales.
But like dozens of Canadians, he's staying in Dubai, which is showing signs of getting hot again.