Experts on distressed loans getting huge pay rises
BANKERS who deal with troubled property loans are commanding pay rises of up to 20pc when they switch jobs, as the domestic banks redouble their efforts to tackle distressed portfolios.
The sizeable pay rises are revealed in the latest quarterly outlook from recruitment specialist Robert Walters, which notes that property workout and restructuring staff are "in short supply".
UK banks, like Ulster Bank and Bank of Scotland (Ireland), have run "workout" and recovery units for years as has Anglo Irish Bank; the domestic banks are now ramping up their efforts to emulate parts of that model.
AIB, in particular, has been hiring significant numbers of staff for its new 'Enterprise Lending Solutions' unit, dubbed ELS, which helps troubled customers to find a resolution to their situations.
It is understood that the recent surge in demand from AIB has been a key factor in pushing up the salaries of these workout and property lending specialists.
The latest Robert Walters figures also show that risk professionals can get salary rises of as much as 5pc to 10pc when they're moving between banks.
Other areas showing high demand include financial accountants and internal auditors, where emigration has triggered a "candidate shortage", and actuaries with experience of the new Solvency II regulations.
"Minor salary increases" are common across staff remaining at the non-Irish banks, while bonuses of "between 7pc and 25pc" were paid to the "majority" of accounting professionals in banks that haven't been bailed out.