Ireland's stockbrokers open to recruitment once again

When things started looking a little shaky in Irelands' financial services industry last summer, the large domestic stockbroking firms were among the first to announce redundancies. But, after a period of retrenchment, there are signs they're looking to grow once again.

NCB Stockbrokers are on the hunt for equity analysts in both Dublin and London as it looks to expand its coverage in existing and new sectors, including airlines, travel & leisure and industrials.

Davy is also looking for a portfolio manager within its private client business, and recruiters tell us it's been bolstering its front office team over the past couple of months.

Roll back to last July and the situation was decidedly bleaker for Ireland's main stockbrokers. Davy axed 70 of its 520 employees and cut pay by 5% for those earning more than €50k, NCB made 10 redundant and Goodbody Stockbrokers decided not to replace exiting staff.

Earlier this year, firms both cut junior staff and halted graduate recruitment plans.

"Stockbroking firms were very quick to move in making their cuts, but have since got their houses in order and are moving forward," says Fintan Lawler, banking consultant at recruiters Hudson in Ireland.

He adds that there's a growing desire for local firms to add research analysts to their ranks as well as quantitative analysts, particularly at smaller players.

But James Hayes, manager - banking and financial services, at Robert Walters in Ireland is quick to play down the hiring activity.

"The dust has settled in the equity market globally and things are picking up locally as well. But while most firms remain open to opportunistic recruitment, which is a step up from this time last year, I think it will be early 2009 before we see any definite appetite for expansion among Ireland's stockbroking firms," he says.