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When a large number of financial services firms in Ireland enacted recruitment freezes towards the end of 2008, many thought this was likely to be a short-lived phenomenon. But, in spite of some improved sentiment around hiring activity in Q3 2009, few firms are showing any real signs of expansion. There are, however, some sectors that have weathered the storm and continue to offer job opportunities.

Fund administration, previously such a fertile ground for recruitment in Ireland, is once again showing some signs of life. After a period of retrenchment, firms are realizing the need to bolster their teams again. However, they're still encountering difficulty securing sign-off for permanent headcount so the majority of hires are on a contract basis.

This development could be attributed to both administrators winning new mandates (previously managed by larger competitors) and a perception that in some cases redundancy programmes had been too severe in the early part of 2009. Candidates recruited included fund accountants, trustee officers and custody administrators. Few have had their profiles raised as much by the financial crisis as risk management professionals, and demand for their services remains buoyant across many sectors.

Capital markets, trading, treasury, insurance and reinsurance are all vying for operational and credit risk management expertise.

A number of prominent international lenders are seeking to recruit experienced credit risk managers to assist in the management of work-outs, loan restructuring and the management of distressed assets.

The impending establishment of Nama has promised a lot but delivered little in the way of recruitment – until recently. The participating banks have begun to form project management teams (lead by seasoned corporate bankers) to prepare and plan for the transfer of assets in anticipation of the legislation being passed.

Another area of recruitment, which has remained steady throughout the year, is the need for qualified actuaries within insurance and reinsurance firms as they continue to put in provisions for Solvency II.

However, in spite of some bright spots, the recruitment process remains protracted across all sectors within banking and financial services. This is in part a reflection of the cautious approach taken by most companies towards new hires.

While many companies are still unable to commit to new hires, they are now meeting with the most experienced and entrepreneurial candidates who can ad value from day one with a view to recruit in 2010. I'm convinced that in the new year, many will be in a better position to see this process through and begin building their teams.

James Hayes is manager, banking and financial services at Robert Walters Ireland