Jobs drying up for Irish graduates in London
IRISH young professionals with ambitions in finance could find it much more difficult to get jobs in London as the big banks cut down on recruitment.
Traditionally, hundreds of graduates in Ireland head for The City after college. As well as providing opportunities that have never been available here, even during the boom, London has also worked over the years as a safety valve when there were few jobs in Ireland.
That valve may now be closed as the big firms cut back on hiring.
Top financial recruiter Robert Walters said that hiring in 2011 was unlikely to come anywhere near the levels hit last year, when the banks were beefing up headcount after letting thousands of staff go during 2008 and 2009.
"Last year was an unrepeatable correction," said Robert Walters, chief executive of the firm. "Banks had made savage cuts during the financial crisis and they needed to replenish staff quickly."
The agency also believes any hiring this year will take much longer than in previous years.
"It looks like there will be movement but it may be delayed. Everyone is confused about what their worth is; people just aren't sure whether the deal they are being offered is a good one because it is harder to compare," Mr Walters said.
Overall, London employment agencies are having a good year but the prospects for future employees have been dampened by the high levels of bankers switching firms in London, rather than new jobs being created.