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Saturday, June 25, 2022

Focus on financial services: The increasingly diversified sector is in flux as it loses two giants

This year is seeing perhaps the most seismic change in Ireland’s financial services sector in a very long time.

Ulster Bank and KBC are leaving the banking market and it is offering opportunities, threats, problems and a whole host of success stories. It all depends where you stand. If you are a soon-to-be Ulster Bank or KBC former customer, unless you are very well settled, this is likely to cause trouble.

For competitors such as AIB and Bank of Ireland, there are huge opportunities to win easy business – new customers, new mortgage books and, in a market where skills are scarce, new employees.

It’s probably a troubled time for workers in the sector – and not just because of the departure of two big employers that employed nearly 4,000 people in the sector.

But overall the sector remains a huge success story, now employing over 100,000 people here. This is a massive 60 percent increase since 2004.

In the past eight years alone, since Ireland began to recover from the crash that devastated many parts of the region, the number of financial services firms in the country has grown by 36 percent to 9,000.

Like almost every other sector, financial services are being completely transformed by the digital revolution.

Fintech, which might not have long been considered a real threat to the big players in the sector, is now well and truly driving innovation. Older banks are scrambling to replace outdated, creaky and overly cumbersome technological systems into agile financial gateways that could attract a new generation of customers who visit banks not by the bank manager’s school tie but by their apps. do justice.

But fintechs are also creating opportunities for both tech- and finance-oriented employees.

With tech and financial centers flourishing, Dublin is proving to be a fertile breeding ground for a crossover sector that is part technology and part finance.

A similar hybrid success story was created earlier when Ireland’s pride tradition as a hub for the aviation sector was mixed with accounting and legal expertise to make Ireland a world leader in aviation leasing tax law. and was able to navigate international agreements. Some of the best paying jobs in the country are maintained by that particular sub-sector of financial services, although many of these highly paid professionals are still making their money as they work to try to get that plane back. Which he leased to Russian Airlines. ,

Indeed, the highest-ranking financial services firm is Fidelity Investments Ltd., a Boston investment house that employs 1,300 employees here—many of them software engineers and programmers to staff a major technology center. Only a handful of others make it to the top 70 in the rankings and they are all big international players.

Two big Irish banks make the list but not the top 100.

On top of those institutions there is a growing sense that the salary cap is cutting into general hiring, with the departure of Bank of Ireland CEO Francesca McDonagh for Credit Suisse as the most high-profile example.

And further down the ranks, employees at both main banks will know better than anyone else that big changes have already taken place to allow them to compete – and big changes that are still likely to come.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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