2017 Banking & Financial Services Salary Survey & Employment Overview

January 20

Banking & Financial Services Salary Survey & Employment Overview 2017


Banking & Financial Services Overview

2016 has been a hugely significant year within the Irish Banking and Financial Services sector. We have witnessed what many thought was unthinkable with Brexit being voted in and already certain arms of investment banks that were previously based in London have been relocated to Dublin and others are planning to follow suit – in what capacity though, remains to be seen. This has obviously been a welcome relief after the previous year’s exits within the banking sector.

Area Shortages

As with 2015, 2016 witnessed an increased demand for experienced and qualified Banking and Financial Services professionals across a range of areas.

Retail & Business Banking

The impact of automation is starting to be felt,
particularly in areas such as Retail banking and stockbroking, and we are starting to see the emergence of much higher qualified relationship managers. So much so that we have seen clients look to other industries to ensure they are hiring the best in class. Unfortunately, this has also meant consolidation within the branch network and an overall restructuring of existing staff.

Personal Banking

The personal banking space has is now of key strategic importance to the main banks, particularly within the Mass Affluent segment with a number of key players competing for top performing staff. Clients, such as Banks, Life companies and boutique Wealth Management players, have all been successful in growing their service offering and qualified candidates with QFA and CFP qualifications have been in high demand.


The Lending space has once again become very competitive across all areas due to the influx and growth of alternative lenders, extra funding from government bodies and an increased appetite from traditional lenders. This has provided a welcome alternative for staff in these areas and allowed them to kick on into specialist areas.

Highly qualified candidates coming from Corporate Finance, Investment Banking, Accountancy, Corporate and Commercial Banking have been in high demand in this sector, considering the huge variety of investment focus. From Invoice Finance to Mezzanine Debt funds there is ample opportunity for those who would rather seek an alternative to the traditional banking route. Roles vary from analyst positions and relationship managers, all the way up to Investment Director Level.


We predicted that there would be a slowdown in the restructuring and recovery arms of the banks, and although that was true for the first 4 months of the year, we saw that slowdown steadily increase throughout the year. This was largely due to staff attrition within these areas, with candidates moving to new business areas or out into the wider market with boutique players. Loan portfolios within these areas are still significant and the potential cost of leaving them short-staffed has meant that a number of larger institutions have had to once again look to the external market for staff. The area has actually become very competitive as there was once again activity in the sale of certain loan portfolios and successful bidders for these projects have had to ensure there are adequate staffing levels to service them. This has led to serious pressure on mid-level candidates, as the majority of employers are looking at a minimum of 4 years, but maximum salary caps have been employed meaning that more senior candidates are not being considered at the moment.

Another area that looks likely to have increased hiring is within European banks that are focused primarily in the Corporate space in areas such as Cash Management, Trade Finance and Multinational focused product. We have seen Domestic banks strengthen their corporate teams as well and that trend also looks set to continue as market activity picks up.


Salaries in this sector continue to remain above average compared to other industries and 2016 brought with it further increases across the board, as companies fought to keep their top performers. There is once again more frequent promotion on offer and counter offers are becoming standard practice in this ultra-competitive market. Top tier candidates continue to have numerous options open to them and employers have to ensure that their ambitions are fulfilled internally. We foresee no sign of this abating in the year ahead. For breakdown of salaries in this sector please click here

[pullquote align=”full” cite=”” link=”” color=”” class=”” size=””]Salaries in this sector continue to remain above average compared to other industries and 2016 brought with it further increases across the board.[/pullquote]

In Summary

The Banking and Financial Services jobs market will continue to grow in 2017 as confidence in the market returns, coinciding with steady, albeit more conservative economic growth. Whilst there has been much speculation that Dublin may benefit as a result of Brexit, this is not yet apparent and it remains very much uncertain. If, however, jobs do end up migrating across the channel, it will place a lot of pressure on the Financial Services market in Ireland and we would expect high pressure, firstly on hiring strategies to keep up with demand and secondly, most definitely on salaries.

If you are thinking of looking for new career opporunities, for a confidential discussion please contact me on EBlake@lincoln.ie or call 01 661 0444.

To view the full survey results please click here.

About the Author


Lincoln Recruitment

info@lincoln.ie+353 (1) 661 0444


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