The Financial Services Sector & Brexit – What's Next for Dublin?
28 Sep 2016
Britain’s decision to leave the European Union is expected to drastically change the financial services sector in both London and Dublin. London has always been an attractive city for multi-national firms to operate, however Brexit has put Dublin as a leading beneficiary with a number of international banks considering relocating part of their operations. The financial services division at Brightwater discuss what implications Brexit may have for the Irish employment market.
The banking sector in Dublin looks set to benefit nicely following Brexit. Experts have indicated that banking institutions may move their operations from London and Dublin and Frankfurt are tipped to be firm favourites. Dublin is currently home to large multinationals such as Zurich, Citibank, Credit Suisse, HSBC and JP Morgan, with Goldman Sachs and Morgan Stanley looking at a possible move to the capital. Last week Deutsche Bank announced it will create 165 new jobs in Dublin, with the trend of positive growth looking set to continue in the sector.
Within the insurance industry many domestic UK based companies seem to have slowed their overall recruitment, most likely waiting until the full impact of Brexit is known. Interestingly, leading insurers Admiral and Beazley have stated they are considering a move to Dublin, similarly insurer Prudential has begun looking at expanding their Dublin operations in the coming months.
At a technical level, it is still unknown how requirements legislated by the EU such as Solvency II based roles will be affected by Brexit. It is clear changes to this type of requirement would cause some professional movement within the insurance sector.
The accountancy sector has also noticed some changes post Brexit. Brightwater has seen recruitment within the accountancy sector focused on the higher level and the most junior level positions. In the immediate aftermath of Brexit many accountancy professionals did reach out to discuss employment options in Dublin. Again like the insurance sector, accountancy firms seem to be waiting on the full impact of Brexit before fully expanding their workforce.
Overall the Brightwater recruitment team has noticed a huge increase in candidates applying through online job boards based in the UK. Along with Irish candidates considering the move back home, Europeans with languages such as Spanish, Italian and French seem to be looking at a move to Dublin. The general consensuses indicates the uncertainty surrounding Brexit is a big factor in candidates testing the water.
To discuss your future in financial services and the next step in your career, please contact the Brightwater team on (01) 662 1000.