BRUIN Ireland


• Article by BRUIN Financial


Ireland remains the fourth largest provider of wholesale Financial Services in the EU. With more than 400 International financial institutions, Ireland has become a world-leading centre for a variety of activities ranging from fund administration to aircraft leasing. Financial firms in Ireland employ over 42,000 people, contribute €2.3bn each year in taxes and provide financial services to every major economy in the world.

A recent macro level review of the employment market in Ireland, commissioned by the central bank, cited a number of interesting trends, including:

  • Approx 30,000 roles are advertised in Ireland each month.
  •  The elasticity of new hires to vacancies is around 0.5; a 1 percent increase in vacancies correlates to a 0.5% increase in new hires.
  •  Job churn (rather than newly created roles) now accounts for over 33% of all jobs posted per quarter (above pre-recession highs).
  • Job churn is a key driver of upward pressure on wages.

When it comes to the financial services employment market specifically, the uncertainty highlighted in our Q2 update has changed little in Q3; hiring mangers wanting to grow their teams to meet demand for automation, efficiencies and increased productivity, meet hesitation and procrastination when it comes to the sign off on permanent hires.
Talent in the areas of Compliance, Risk, Regulatory Reporting, Operations roles (in Insurance specifically) and project/change management continue to remain in high demand.

Some notable financial services news in the last quarter included:

  • DMS Governance (DMS), a global governance, risk and compliance (GRC) company announced it was to substantially increase its Ireland-based workforce by creating an additional 50 roles in Cashel, Tipperary.
  •  Hermes Investment Management opened a new office in Dublin, creating 11 new financial services roles.
  • Deutsche Börse Group, and its post-trade services provider Clearstream, celebrated the opening of its new Cork office where it expects to employ around 600 people by 2020.
  • Opus Fund Services expanded its Irish operations with a new office in County Wexford, creating 100 jobs.
    Compliance professionals continue to be in demand with mid-level positions popping up in the market. There has been a noticeable slow down in this space as most new financial services firms have made their key hires already.
  • Risk continues to be an area in demand with operational risk being a key hiring area for both insurers and retail banks. There is a broad spread of junior and senior level vacancies in the Dublin market at the moment.
  • Commercial Broking is a key focus for the majority of brokers in the market. There is been a lot of mergers in this space in the last year and these firms are now all looking to add strong commercial brokers to increase the bottom line. There are a lot of options out there for junior and experienced brokers alike.
  • Underwriting- There has not been many of these positions in the market in the last quarter as actuarial functions continue to take some elements from the traditional underwriting function.

The Irish market continues to be reasonably frustrating for both hiring managers and candidates alike. Hiring managers continue to find it difficult to identify talent and equally difficult to get sign off on permanent hires. Financial Services professionals have ample opportunity but continue to be frustrated by the duration of the recruitment process and uncertainty at the final stages.
Clarity on the timing and nature of Brexit in Q4 should lead to a ramp up in recruitment in financial services and clarity around the actual scale and nature of job creation by FS companies planning on relocating to Ireland.

Former Ulster Bank chief administrative officer Joe Heneghan has been appointed to the helm of challenger bank Revolut’s Irish operation.
RSA Ireland has appointed Kevin Thompson to CEO. He succeeds Ken Norgrove, who will now take up the role of CEO of RSA Groups Scandinavian unit.

The Central Bank has appointed Louise Dennehy as its new Chief Information Officer and Domhnall Cullinan as the new Director of Insurance Supervision.

The Asset Management Exchange (AMX) has announced the appointment of Larry Morrissey as chief compliance officer for AMX Ireland.

Former Barclay’s Ireland CEO, Andrew Hastings, has been appointed to the board of the Scottish Building Society.

Fidelis Insurance Holdings Limited has made major appointments at the Dublin unit. FIID chief financial officer Robert Kelly has been appointed to serve as chief executive. In addition, senior underwriter Simon Crone has been promoted to chief underwriting officer.

Zurich Insurance Group AG has appointed Neil Freshwater CEO of Dublin-based subsidiary Zurich Insurance PLC.

Chaucer has announced the appointment of Jonathan Sutcliffe to the newly created role of Head of Underwriting at Chaucer Insurance Company DAC in Ireland.

ILIM has appointed Rose McHugh as a non-executive director.

BRUIN is delighted to have won the Deloitte Diversity & Inclusion Award at the TIARA 2019 awards and were particularly commended by the judges for “incorporating D&I initiatives into their recruitment process, the broad range of diversity & inclusion initiatives they are involved with, and the high level of visibility in their market”.



For more information about the market or current opportunities please contact one of our Consultants.