Some areas of the banking sector are experiencing tighter regulation, increased governance and a shift in focus to a more customer-centred model, according to the latest Healy Hunt/GTS remuneration and earnings report.

The report found professionals in the area of trade and transactions – which includes a number of banks operating in the IFSC – are having to work harder and demonstrate different skills.

Sarah Hutton, a director at executive search firm Healy Hunt, said the area of trade and transaction services has always been seen as a profitable business area of banking and to some degree it was self-regulatory.

She said the need show greater transparency has changed how both the sector works and also the skills needed for those working in it.

“Our financial clients, in all sectors, are now demanding more rounded experienced business people rather than those with a strong track record in sales,” she said.

She said professionals with stakeholder engagement and management experience are very much in demand.

The survey found employers are keeping a tight lid on expenses with base salary levels remaining flat. Moving job is the only way to secure an increase.

Salaries

The survey found 52 per cent of respondents earn between €80,000 and €160,000, while 33 per cent have changed jobs either through promotion or leaving to join another firm.

After the financial crisis, the focus is now firmly on customer service with 33 per cent seeing their business as completely customer focused.

More than 500 people across the world were surveyed for the study, which also found a trend has developed whereby it is very common for people to be promoted without a pay increase.

Most respondents came from the banking sector (64 per cent) with the rest coming from the credit risk insurance and corporate sectors.