Financial news Ireland – job market news, recruitment & career trends in Ireland for the finance sector

Yesterday was D-day for the transferral of the second tranche of loans across to Nama from the five participating banks. However, the biggest transfer – an estimated €8bn from Anglo Irish Bank – was delayed. Neither Nama or Anglo was forthcoming about reasons for the delay, nor did they present a revised deadline, merely stating the loans will be acquired in the "coming weeks after all due diligence material has... Read more

The news that Bank of Ireland intends to cut 750 jobs will not be welcomed by the country's already beleaguered financial sector. But when you consider the size of its workforce (14,636 as at December 2009), the fact that the job cuts will be voluntary and that it's recruiting elsewhere in the business, perhaps the headline figure doesn't seem as deep a cut as it potentially could have been. Details of... Read more

So, the Irish government has decided to take a hardline with Ireland's two largest banks around lending to SMEs, outlining plans that require each to provide €3bn a year to the sector. AIB and Bank of Ireland are already building their teams in anticipation of this. Ireland's large domestic banks have been criticised for supposedly over-constrained lending practices to SMEs – something both they and industry bodies deny – which... Read more

Bank of Ireland and AIB are set make deep cuts in the coming weeks, with as many as 4,000 jobs on the line, according to reports. Layoffs have long-been considered inevitable at Ireland's two largest banks, but so-far the policy of non-replacement of departing staff and non-renewal of contracts has already shed over 3,000 roles. But deeper cuts are necessary, according to reports in the Sunday Independent, with AIB allegedly pondering... Read more

Ongoing governmental calls for Irish banks to increase their lending to the small and medium enterprises (SME) sector appears to have had some affect – firms are beginning to recruit in this area. According to recruitment sources close to the situation, Bank of Ireland and KBC Bank Ireland are currently making enquiries about the possibility of bolstering their Dublin SME lending teams. BoI is rumoured to be looking for at... Read more

Bankers in Ireland are increasingly leaving the security of their full-time position for a long-term contract role in a bid to secure the pay rise and promotion that is proving so illusive in their current post. The ongoing permanent recruitment freeze within Irish banks means that the majority of jobs on offer are on 12-18 month contracts. Rather than shielding themselves in the security of their current position, bankers are instead... Read more

The Central Bank has placed recruitment of highly-skilled risk and supervisory staff at the heart of its reformation plans. In total, the regulator aims to add 350 employees over the next two years as it takes a more "intrusive" approach. The ambitious expansion plans were unveiled in its new report 'Banking Supervision: Our New Approach', which outlines how the regulator will be more closely examining the risk management approaches of Ireland's... Read more

Excessive remuneration, a lack of skills in the financial regulator, irresponsible lending and a "national blind-spot" for property acquisition were all to blame for Ireland's distinctly "home-made" banking crisis. By now, the reasons behind Ireland's banking woes should be evident to most people locally, but international experts have just released a highly critical report – "A preliminary report on the sources of Ireland's banking crisis" by Klaus Regling and Max Watson... Read more

Here's a theory – instead of a freezing recruitment or laying off staff in an attempt to cut down on costs, why not look to retire older staff and instead focus on keeping as many young people in the workforce as possible. That way, when things do get better, you're not completely top heavy. Sadly, this idea (outlined in the latest Ernst & Young Economic Eye summer forecast) is directed towards... Read more

If the prospect of a pay rise in the Irish financial sector last year seemed like an implausible ambition, it's not entirely beyond the realms of possibility in 2010. Nearly 30% of financial services employers in Ireland surveyed by recruiters Premier Group expect to raise salaries by as much as 10% this year. Don't get too excited, though – the majority (62.8%) intend to keep pay static, while a... Read more

Domestic banks in Ireland are likely to be offering contract or temporary roles – sometimes as short as one month – instead of permanent positions for the medium to long-term and only exceptional candidates can gravitate towards a full-time place. The hiring freezes in place at Ireland's large domestic banks are well-known, and the policy of not replacing departing staff has left the remaining teams with an increased workload. To alleviate... Read more

One of the options available to Irish Nationwide in its EU state-aid restructuring plan is simply a complete wind-down of the society. Despite the inevitable human cost, is this the preferential choice? At yesterday's AGM, society member Brendan Burgess launched a scathing attack against Irish Nationwide, saying that it was just a "€2.4bn loan book" and that it has no future, and no role in society. Obviously, chairman Danny Kitchen was... Read more

It's fair to say that RBS employees in Ireland have been particularly badly affected by the bank's ongoing cost-cutting exercise, with 1,000 redundancies hitting its Ulster Bank operations over the last 18 months. This is starkly illustrated in its Q1 report, which reveals staff costs have shrunk by 24% over the last year. Ulster Bank shelled out £66m (€75.8m) on employees in the first quarter of 2010, compared to £89m over... Read more

Job opportunities within the Irish financial services sector are obviously thin on the ground currently. To make life a little more difficult, an increasing number of the roles that are available need people with relatively niche language skills. European language skills, such as French and German, are being sought after for roles within international banks with Irish operations. More obscurely, though, firms are looking for people who can speak fluent Danish... Read more

Proportionately, Irish Nationwide Building Society's exposure to the commercial property sector is as big as Anglo's. It's also just reported a loss of nearly €2.5bn for 2009. Yet it is still looking to hire. The firm's gargantuan losses are down to setting aside €2.8bn for loan losses, resulting from a period of reckless lending orchestrated by its previous chief executive, Michael Fingleton. It set aside €464m in 2008, when it was €242m... Read more

In the current climate, it's not a question many people would like to be asked: Which of the domestic Irish banks would you rather work for? It's a bit of a moot point anyway – all of the banks currently have hiring freezes in place. Nonetheless, despite the backlash directed towards NAMA, it could prove to be a turning point – good or bad - for the banks. So, it's really... Read more

As last week's news demonstrated, there have been few positives to take from the onset of NAMA. However, one up side is that credit analysts have found themselves in increased demand and (amazingly in this market) managed to secure pay rises. According to a study from Irish financial headhunters Lincoln Search & Selection, demand from domestic banks, as well as international players, has led to the humble credit analyst securing... Read more