According to Ardlinn research, job opportunities in Dublin’s International financial services sector will increase by 25% in the next 18 months due to the disruption of Brexit in the UK market.
Ardlinn’s forecasted rise would mean previously set government targets to grow the level of direct employment in Ireland’s International Financial Services sector by 10,000 would be surpassed by 2020.
Much of this growth can be attributed to UK financial passport concerns and job relocations, with recent research showing approximately 10,000 London banking jobs could be on the move as a result of Brexit.
Finance Sector Growth in Ireland
With continued uncertainty in relation to UK financial market access post-Brexit, Irish prospects are being significantly boosted in terms of:
- Financial assets transferred
Intensive financial processing activity is now underway in Dublin as regulators work to accelerate the authorisation of London-based groups seeking to retain access to European markets.
According to Ardlinn Founder and Director Áine Brolly, the previously set government target which aimed for 45,000 jobs will be eclipsed, with the international financial services workforce set to grow to 60,000 by 2020.
“Dublin is the most popular location choice for financial services firms to relocate to post-Brexit, with 27 firms now having committed to moving staff or operations to the city since the referendum placing it above the likes of Frankfurt, Luxembourg and Paris in the pecking order.”
In recent weeks insurance giant Aviva confirmed plans to transfer £9bn worth of assets from London to Dublin in what Ardlinn claims is a growing momentum towards a financial exodus from the UK to Ireland.
The executive recruitment firm has said this growing demand for financial services in Ireland will lead to increased recruitment of C level roles and will see upper-level financial services salaries rise by 20%, with increased choice and competition helping to ramp up rewards.
Latest reports from the CBI show that there are more than 100 new applications in process, with half of those close to completion, and further significant numbers expected to be announced.
Áine Brolly added:
“Financial passporting was always one of the core issues in relation to London’s wishes to remain in the EU, and we are now starting to see the reality of the fallout from the Brexit decision.
It is imperative that our regulator works efficiently and effectively to ensure we can deliver on the demand as being created by current market conditions.”
“Based on our recent contact with the global Cpl network, moves within the manufacturing sector are spreading concern in the UK’s finance sector. Institutions which once looked like permanent fixtures in the UK are now less certain.
“Businesses including EY and Bank of America have recently reinforced this view stating that Dublin could receive “hundreds of billions of euro”, with a strong commitment that there will be no return on recent investments made in Ireland, were the UK at this point to row back from the Brexit brink.
From a sectoral perspective, these developments represent huge opportunities.”
Ardlinn is a Global Irish based Executive Search firm and part of the Cpl resources group. Our name, Ardlinn, is a combination of two Irish words, ‘ard’ meaning ‘high’ or ‘peak’ and ‘linn’ meaning ‘with us’.
The name reflects what we represent as an executive search firm – for our clients, we offer the opportunity to reach leaders at the very highest levels in business. With us, you will get access to leaders in every industry – highly specialised or senior people who are driving major businesses forward.
We work closely with our clients to build a compelling proposition and engage executives who best fit your unique organisational needs.
For candidates, our goal is to help you to reach the peak of your potential. If you are an executive or C-Level and looking for a move – we can help you to find a company that will take you to the next level.