A steady stream of corporate banking recruitment emerging again
It's a slightly surprising development to say the least, but both domestic and European banks have been among the most active recruiters within their commercial and corporate divisions over the last three months.
The latest recruitment snap-shot into the Irish financial services sector by Robert Walters pointed to healthy levels of hiring "predominantly in commercial/corporate banking".
"The domestic banking sector has seen high levels of activity, with the demand for experienced credit professionals continuing. Whilst the key driver for this trend was organisations strengthening their risk functions, there was also a growing demand for business and corporate lenders, particularly from institutions looking to increase their market share," says Claire Dunwoody, manager - professional services at Robert Walters.
Governmental pressure for domestic banks to increase lending activity has already prompted some recruitment, while international firms have made an effort to capitalise on the gaps left by Irish banks in the corporate arena.
The likes of HSBC, Barclays, BNP Paribas, KBC and Danske have all been steadily hiring, according to recruitment sources.
But while the international banks are keen to increase their market share, the big domestic players are working hard to maintain theirs, which is beginning to drive necessary recruitment.
"A lot of the technically strong relationship managers within the big domestic banks have been transferred across to Nama as part of the service level agreement to administer the loans," says Eoin Blake, director at Lincoln Search & Selection. "Therefore, they're having to recruit externally and are hiring business bankers to maintain their market presence and stave off competition from international banks."
Despite the increased levels of recruitment, salaries within the corporate banking sector in Ireland have largely remained stagnant. According to Robert Walters, a relationship manager with 5-6 years' experience should be earning €65-75k, rising to €90-100k at the senior end.
