Corporate bankers in Ireland have seen their salaries shrink by as much as €18k over the last year as redundancies and lack of new job opportunities took their toll on pay.

The latest salary survey by recruiters Robert Walters illustrates just how bleak the last 12 months have been for corporate bankers. The majority of roles in this sector have seen salaries shrink, but relationship managers with more than five years experience can now expect €69-85k – down from €80-103k in 2009.

This follows earlier pay cuts in 2008.

This isn’t entirely surprising – the likes of Ulster Bank, Anglo Irish Bank and Bank of Ireland have all shown corporate bankers the door in the last 18 months, and few firms have been looking to recruit.

James Hayes, manager – banking & financial services at Robert Walters, says: “There’s an oversupply of corporate bankers on the market, so the only way they’re able to sustain their current salary level is if they can bring with them a network of clients. Someone moving from a large Irish bank to another institution without this can expect a dramatic reduction.”

It’s important to note that these salaries are for corporate bankers securing new jobs, rather than pay cuts within existing positions. One corporate banker says the practice is “slightly cynical” on the part of those firms hiring which are “leveraging off experience without paying the remuneration they would expect.”

Not that there are many firms hiring, of course. Andrea Clarkson, manager, financial services at recruiters Premier Group, says there have been just handful of corporate banking roles in the last six months.

“Not only are there few corporate banking roles currently, but many people are stuck in their current position with a lack of promotion opportunities,” she says.

Corporate banking pay:

Source: Robert Walters. Notes: Bolded figures are for 2010, plain text is 2009. From left to right salaries are for: 1-3 years’ experience, 3-5 years’ experience and 5+ years’ experience