Two thirds of international banking firms plan to expand Irish workforce this year

Muireann Duffy

Around 65 per cent of international banking firms plan to expand their Irish workforce this year, according to research from the Federation of International Banks in Ireland (FIBI).

Showing employment among FIBI companies in Ireland jumped by 16 per cent to over 14,200 between 2019 and 2022, the report notes Ireland ranked as the sixth-largest exporter of financial services in the world in 2021, up from eight in 2020.

FIBI also found that 80 per cent of firms expect activity in their Irish operations to increase this year.

"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," FIBI chair Fernando Vicario said.

"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 (BPFI) added that many FIBI firms recognise the advantages of having operations in Ireland, most notably the State's position as the only English-speaking country in the Eurozone with a common law tradition.

"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," Mr Hayes said.