Merrion recruitment spree gives hope to Ireland's stockbrokers

Stockbrokers might be facing a distinctly chilly hiring environment, but they'll be warmed by the news that an Icelandic firm is looking to expand its Irish operation.

Merrion Landsbanki, which is 84% owned by Icelandic banking behemoth Landsbanki, is viewing the recent spate of redundancies within Irish stockbroking firms as an opportunity to hook some top talent, and is set to recruit 10 new people to its already 100-strong workforce.

It is seeking people within its wealth management, institutional equities and corporate finance divisions.

This is a rare bullish move in the Irish stockbroking sector, which is currently undergoing a period of turbulence, but Merrion's recruitment spree has yet to match the number of redundancies in other companies.

Davy last month axed 70 of its 520 employees while announcing a 5% pay cut for those remaining employees earning over €50k.

NCB Stockbrokers, meanwhile, has cut 10 staff recently, and Goodbody Stockbrokers says it isn't replacing those who leave by natural attrition.

James Hayes, manager - banking and financial services, at Robert Walters in Dublin, says he has seen a "flood" of candidates in this space recently and that firms were able to pick and choose the best people, leaving the relatively inexperienced struggling.

NCB hasn't been so shy when recruiting for senior posts. Christopher Wheeler, former senior research analyst at Bear Stearns, has joined as head of bank equity research. He aims to increase the firm's coverage of Swiss and Austrian banks.