Ireland luring back lost derivatives talent

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Ireland's booming banking sector is becoming increasingly able to lure back talent from the City of London and Wall Street by offering comparable, or near comparable, salaries and bonuses.

Demand for derivatives specialists, fuelled in part by strong growth in the credit market, is particularly tight at present, say recruiters.

"The Irish financial sector is getting more and more sophisticated. Credit derivatives is very big at the moment," says Helene Bergenstjerna of recruiter Hudson's Dublin office.

"Credit derivatives is looking strong," agrees Susan Cox at Cox Fitzsimons and Wilkes, with both vanilla and structured products in demand.

It used to be that relocating to Dublin meant a step down in salary, but this is no longer necessarily the case, with talent - commonly Irish expatriates - often being lured back from London or New York.

"Senior roles are broadly comparable to London now, though for junior roles pay's probably still lower," says Bergenstjerna.

"Someone wanting to come home should definitely hope to get around or near to what they are currently earning," she explains.

That person, with, say, seven years' experience, could be looking at the €90k to €120k (59k to 79k) level, with more junior positions coming in at around €70k to €80k.

And, while bonuses are unlikely to reach the heady heights of 300%, they will nevertheless now be multiples of salary.

Alongside this, many institutions are also working hard to train, groom and retain home-grown talent too, Bergenstjerna adds.

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