Banks will pay price if staff pay cut

The Mercer report on bankers’ pay has drawn an unfortunately all-too-predictable reaction from those who are often happier taking easy pot shots at bankers than engaging in meaningful debate. Yet, if we want a banking sector which is fit for purpose, we need to look beyond the easy sound bites to the context of what is actually being proposed.

First, let’s address the issue that Irish bankers are somehow overpaid. We at Hays work with most of the domestic and international banks based in Ireland. We also work with almost all of the major banks in most of the world’s developed economies.

When we look to recruit for senior positions in Irish banks we also look abroad; and we are not helped by the fact, confirmed by Mercer, that senior Irish bankers are paid considerably less than their European counterparts.