65% of firms expect to increase employee numbers in 2023

65% of firms expect to increase employee numbers in 2023

Irish firms expect to increase employee numbers this year and also expect activity in their operations to increase.

A NEW report published by the Federation of International Banks in Ireland (FIBI) shows 65% of FIBI member firms expect to increase employee numbers in 2023 with a further 80% reporting they expect activity in their Irish operations to increase in the coming year.

Despite ongoing geographical tensions and macroeconomic uncertainty, the report shows Ireland’s international banking and investment firm sector continued to grow with employment in FIBI firms jumping by 16% between 2019 and 2022.

With the latest United Nations trade and development figures showing Ireland ranked 6th largest exporter of financial services in the world in 2021, up from 8th a year earlier, and hosting 17 of the world’s top 20 global banks, today’s report highlights a thriving international banking sector which continues to cement its reputation as a global hub for financial services, fuelling economic and employment growth.

Outlining the significant contribution of the sector to the Irish economy, Fernando Vicario, chair of FIBI and CEO of Bank of America Europe DAC and Country Executive for Ireland said: “Our latest FIBI report reveals a sector which continues to grow consistently, adding significant value, widely recognised and respected as a key cornerstone of the Irish economy.

“The exceptional performance of the sector in recent years as well as the positive outlook reported by FIBI members looking to the future is all the more notable in the context of the challenges posed by the ongoing geopolitical tensions, mounting macroeconomic pressures, and the steady Covid-19 pandemic recovery.

“Indeed, despite recent global uncertainty, the international banking sector in Ireland remains robust and FIBI members are confident of continued growth in the coming months.”

Brian Hayes, Executive Director of Banking and Payments Federation Ireland stated: “As highlighted directly by FIBI member company CEOs within the latest report, Ireland has many advantages to offer international banks and investment firms, including its status as the only English-speaking country with a common law tradition in the Eurozone, its firmly pro-business culture and internationally recognised regulatory standards.

“Ireland’s economic and political stability, and in particular, its response to the global financial crisis, continue to be key components of its compelling proposition to the sector.”

The report, which examines the contribution of the International Banking community to the Irish economy has been published by Banking & Payments Federation Ireland (BPFI) in conjunction with its affiliate the Federation of International Banks in Ireland (FIBI), and is available to download at: https://bpfi.ie/wp-content/uploads/2023/04/BPFI-International-Banks-Report-2023-FINAL.pdf.

FIBI is the representative body for international banking and investment firms in Ireland.

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