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Disaster for anyone not working in the private client or asset management business at Bloxham
With Bank of Ireland, AIB and Ulster Bank making redundancies (albeit not all in broking), now is not the time to lose your job at an Irish investment banking and brokerage firm. Unfortunately, this is what’s happened to 30 of the 70 staff at Bloxham. Following the discovery of accounting anomalies, Bloxham was [...]
A retinue of depressing bullet points about investment banking compensation from McLagan, the secretive banking pay specialists
When McLagan speak about investment banking pay, it’s worth taking note. Compensation benchmarking specialists, they work with leading investment banks to help determine whether they’re paying people appropriately. McLagan’s findings are, usually, strictly confidential. Now, however, McLagan has participated in a study with the Association for Financial Markets in Europe. And the results are public. [...]
Needed in Ireland: Expertise in implementing Solvency II
In 18 months’ time, Ireland’s insurers will need to have implemented the European Union’s Solvency II directive stipulating that insurers have to hold far stricter capital reserves in response to the risks they underwrite. In the UK, the response has been fevered recruitment of solvency II practitioners, often on a lucrative contract basis (up to £2k [...]
There’s big demand for contract workers in Irish financial services. Here’s how much they’re paid
Ireland’s financial services contract workers have reason to feel a little apprehensive. The six month delay in enacting the Agency Worker’s Directive (AWD) has come to an end. The Bill was passed earlier this month. All that remains now is to see its impact. Helen Gallagher, human resources manager at recruitment firm Morgan McKinley, says [...]
You may now submit your request for voluntary redundancy at AIB
It’s finally happened: yesterday, AIB started accepting applications for voluntary severance. The bank will reportedly be offering its 2,500 staff four weeks’ pay per year of service, including their statutory entitlement, or three weeks’ pay per year of service, plus statutory entitlement. Severance pay will be capped at two years of annual salary, or €225k [...]
GUEST COMMENT: I am not overqualified, I am over 40
When I was made redundant from my job as a middle office manager with a leading asset management company a few years ago, I didn’t envisage I’d have any problems finding an alternative position. After all, I had nearly 20 years’ experience within the investment business, many of them in a managerial and training capacity. [...]
Q&A with an anonymous senior fund manager: Is fund management really such a well paid, stress-free career:
Q: Let’s get right down to business. We’ve already heard the juicy bits of your escape from the back office – now we’d like to step into your shoes. So what do you actually do as a fund manager? How do you invest? A: It really depends. The industry encompasses so many different methods of [...]
A bad end to the week: More redundancies at Bank of Ireland, uncertainty at National Irish and Northern Bank
The unsettled outlook for Irish banking continues. Bank of Ireland announced today that it plans to make another 600 redundancies in addition to the 750 it announced two years ago. Of those 750, only 350 have already taken place (in the form of voluntary departures), leaving another 400 to go. In total, that means BofI [...]
These are the redundancy packages at Ulster Bank; these are the redundancy packages at Bank of Ireland. No one knows what’s happening at AIB, still
Back in April, we said it was crunch time for redundant staff at AIB, who would apparently be receiving full results of their redundancy packages imminently. It seems we were wrong: the IBOA union is still waiting to here AIB’s final terms, several weeks later. In the meantime, however, there have been announcements on redundancy terms [...]
Irish financial services firm employs 7 people, makes €9.2m profit
If you’re wondering where the money is to be made in Irish financial services, you might want to look at venture capital firm TVC Holdings. TVC posted preliminary results for the year ending March 31st this week, revealing that it made a return of €10.7m on the value of its portfolio, which increased 32% over the [...]
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