Banking & Financial Services Market Update Q2 2015
There has been a noticeable increase in the demand for high quality staff in the Apr-June quarter of 2015. Taking into account that June and July are the quieter months of the year, June has so far exceeded expectations in comparison to the same period last year and we expect July to compare in a similar fashion. I would say that companies are still slightly cautious but there is a definite strategy with most in the Banking, Financial Services and Insurance space to build on existing talent with the emphasis on promoting and developing high performance teams.
Salaries & Trends
Salaries are not out of control just yet but it will be interesting to see how this develops over the coming year particularly with income generating and risk related jobs.
- Salaries for Risk and Compliance professionals across the entire Banking & Financial Services sector are on the rise in general with increased competition for quantitative and modelling based roles.
- There is big demand for Sales Professionals and Relationship Managers who can bring a network of clients particularly in the Wealth Management, Private Banking & Insurance space.
- Specific to the Banking sector, the demand for professionals working on distressed asset portfolios is stagnant but with bidding still current for big portfolios there is a few years left in this sector. Demand for corporate bankers working on new business is on the rise hence salaries are starting to move.
- With increasing pressure and demands on the retail banks to reinvigorate themselves and to create a point of differentiation in a digital era the demand for like-minded and appropriately skilled staff is proving difficult.
It is pretty clear from trends and reports in 2015 to date that the economy is on the rise, this coupled with current and predicted growth on the expansion of both national and International corporations there is no doubt that there will be an ever increasing demand for top talent across all sectors. The banking sector will be interesting to watch, as the economy continues to grow we still have far less competition in the market than before and what this means for employment in the more traditional space is unclear.
If you wish to discuss the market in more depth or would like to find out about some of the active roles that we are working on, please feel free to contact me on 01 661 0444 or alternatively you can email me on email@example.com. For an overview of current salaries commanded currently download and view our Irish Salary Survey 2015.