IE
Sector: Capital markets
There is still a case for claiming deferred 2008 bonuses
Here’s a can of worms, allow us to open it for you: there may be a case for pursuing deferred bonuses from 2008 that the government has forbidden banks to pay. We’re sure most bankers in Ireland don’t need a reminder of the AIB bonus debacle that occurred in December last year, but here it [...]
Proof that it’s much more lucrative to volunteer for redundancy early on
Now that the government has control of the purse strings, redundancy severance payments in the domestic banks are likely shrink. It’s questionable just how quickly this will happen, however. The Sunday Post this week claimed that the Department of Finance has demanded that all state supported banks reduce their severance package to around three or [...]
Capital markets is Bank of Ireland’s most profitable division, but it’s also seen most staff depart
Irish banks have struggled to both pay and retain people working within their capital markets divisions, despite the fact that they remain relatively profitable. Bank of Ireland’s interim results demonstrate this trend. At the end of June, there were 1,105 people working in BoI’s capital markets division. This is a reduction of 291since this point [...]
Money is no longer the main motivation for Irish bankers
Irish banks are, of course, less generous than they used to be. Bonuses are non-existent, salaries have been frozen for years and new recruits are paid less than the previous incumbents of the role. But do Irish bankers really care? At the top end of the scale, NTMA chief Michael Somers argued that the government [...]
It’s just become cheaper to commute to London
The irony of the government’s jobs initiative released on Tuesday won’t have escaped many in the financial sector – talk about job creation while simultaneously boasting about radically downsizing the domestic banks. Still, one upside of the proposals means that it’s going to be cheaper for those wishing to commute to a job in London. [...]
Signs that Bank of Ireland is slowly moving away from capital markets
Bank of Ireland has just released its annual report and, compared to the gloom coming out of AIB this week, they look relatively positive. Its annual loss was €950m, down from €1.8bn in 2009, and – in what’s becoming a rare event – there was no mention of further redundancies. Still, from a jobs point [...]
AIB is DEFINITELY cutting 2,000 staff and chopping compensation costs
This is hardly something to gloat about, but our prediction that AIB was to make 2,000 redundancies has proven prophetic. The bank confirmed in its preliminary results for 2010 that “a reduction of 2,000 staff will take place on a phased basis over 2011 and 2012″ on the back of a record loss of €10.4bn [...]
Yet more reasons why Ireland is set to lose front office talent
The government’s plans to restructure the Irish banking system sends a clear message to those working in capital markets and wholesale banking roles – you’re not wanted. As a reminder, the future of Ireland’s domestic banks into a ‘two pillar’ system will comprise Bank of Ireland, which is required to shed €30bn of ‘non-core’ functions [...]
The terrible rumour relating to AIB: 2,000 redundancies
This hasn’t been confirmed by the bank, but we understand that the final number of redundancies at AIB following its restructuring will be 2,000. Last week a leaked e-mail from AIB’s chairman David Hodgkinson confirmed that the bank had reached the final stages of it strategic review and, while job losses were mentioned, a figure [...]
Irish banker-bashing is driving front office talent to London
By tarring all bankers with the same brush, Ireland is in danger of driving away some front office talent it can ill afford to lose. Increasing numbers of corporate financiers, traders and capital markets professionals – working in divisions of banks that have remained profitable throughout the crisis – are looking for new job opportunities [...]
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