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‘IFSC continuing to act as a source of well paid employment’ Back
Since the acute crisis in global markets began in the wake of the collapse of Lehman Brothers the IFSC has proved its resilience both in the face of the overheating of the Irish economy and the global financial storm with the IFSC continuing to act as a source of well-paid employment for qualified financial services professionals.

While employment levels have not been maintained in all IFSC companies at all times with job losses occurring in certain sub sectors the overall stability in job numbers in the IFSC (c.25,000) indicates the success of restructuring over the past year with a number of CFW’s IFSC clients now back in development mode and a number of others looking at future growth.

The majority of CFW’s international financial services clients in the IFSC have lifted the permanent recruitment embargoes that were in place in 2009 specifically for replacement roles and key critical areas such as compliance and risk and operational support for the growth businesses lines which have started emerging. Equally new product launches and new client mandates have created transactional support needs in back office, administrative and custody roles particularly at mid to senior level with our more established global banking and fund administration clients in the IFSC.

But even in the midst of this global financial storm the world keeps turning, people retire, go travelling, change careers, re-train etc. and good talent will still be difficult to find as businesses restructure and opportunities surface.

For general back office positions there remains a limited pool of talent as many professionals remain firmly entrenched in their current roles. Good business analysts and technologists with financial services experience remain in demand as short and medium term solutions to accommodate business critical projects.
While funds servicing has been one of the big success stories of the IFSC to date, IFSC companies in the banking, treasury, wealth management, insurance and reinsurance sectors have also been actively hiring this year with a number of companies within life, non-life and general insurance in particular announcing large scale expansion plans.

With an ongoing reluctance among senior and specialised staff to move from the security of their current role, contract candidates can be particularly difficult to source with candidates often looking for more established names rather than smaller boutiques, longer term contracts and the potential of a conversion to a permanent role.
IFSC salaries have largely remained static in 2010 with the salary cuts that many companies introduced in 2009 remaining in place in 2010 resulting in salaries for new positions decreasing accordingly. While 2009 salary cuts have not been restored we don’t anticipate any further cuts and would expect some of the growth in financial services to fuel increases in basic salary in the near term as the demand starts to outstrip supply.

While some of CFW’s IFSC clients are planning on paying out bonuses in 2010 some have reported bonuses will not be reintroduced until 2011.We believe that having proved it’s resilience to date the IFSC is well positioned to play an important role in supporting our economic recovery and recover the ground lost during the financial crisis offering significant potential to create employment and generate economic activity.
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