Focus on financial services: Banking is changing but it still offers lots of

There has been quite a bit of bad news coming out of the financial services sector in recent months — both Ulster Bank and KBC are set to leave the Irish market, which will inevitably lead to job losses and less competition.

eanwhile, the Central Bank has made its mark on regulation this year with stockbroking firm Davy now for sale following the fallout from a €4.1m fine over a bond scandal, and Ulster Bank being hit with a €37.8m fine over tracker mortgages.

In addition to these headlines, traditional banks have been cutting their workforces to become more competitive in a digital era. An estimated 3,500 jobs are at risk from strategic reviews across all of the major lenders, including those exiting that market.

Despite this, several companies in the sector have scored well in the Ireland’s Best Employers research, including the remaining banks — Banks of Ireland, AIB and Permanent TSB. And like many sectors, it has been a time of change. While banks remained open during the pandemic, thousands of employees worked from home over the last 14 months.

Although fast-changing, it continues to be a well-paid sector with plenty of room for promotions for ambitious and talented employees.

Brian Hayes, chief executive of the Banking & Payments Federation Ireland said the financial services sector provides a significant level of employment here, with over 46,000 people currently employed in the sector in Ireland.

“Banking is a fast evolving and diverse sector offering a wide variety of high-value employment opportunities including key decision-making roles in innovation, sustainability and product development alongside roles including frontline customer service and sales positions, risk management, compliance, and governance.

“As the industry adapts to new technologies, new regulation and changing customer experience which requires a broader skill base, the sector has embraced greater diversity and inclusion which has become key to meeting these new talent demands” added Mr Hayes.

“In addition to offering support for further education and learning opportunities, banking also offers increasing levels of work flexibility which ensures employees can continue to benefit from an enhanced work-life balance while contributing to sustainable communities in which they work and…