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| The Emerald City - Irish high fliers in London |
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| Written by Robert Mulhern |
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Every weekday morning Tube stations at Bank, Moorgate and Liverpool Street spill workers into London’s financial district. Train lines act like arteries, delivering thousands of number-crunching worker bees to glass palaces which dominate the skyline and shape the world’s markets. Pavements run rivers of hurrying suits and ties, flowing past food outlets like Pret A Manger and Eat, and Coffee Shops like Costa and Starbucks. The City UK, an organisation that promotes financial and professional services industries in London, estimate that 641,000 people work in those industries in the capital. Among their number is Patrick Foley from South Kerry. Patrick is 26 years old and works as a private banker with Coutts. He has been working in London for over two years. The vista of The City is a long way from the serene surrounds of his upbringing, yet he points out that he would make it home to Kerry in less time than it would take if he were travelling by car from the financial services centre in Dublin. He explains that more and more he is seeing fellow graduates in London. They are attracted by better opportunities and are educated to a level where they can take them. “The prospects are bright for graduates,” he says. “You have the world’s leading financial centre right on our doorstep. Since moving to London two years ago I have noticed a large amount of people I went to college with coming over - and more are coming.”
Foley says it’s not just a matter of turning up in London and getting a job, but thousands have and in his experience the Irish are well received.
Official sources speculate that in excess of 10,000 Irish people are employed in financial services in The City of London. It’s an estimate others believe to be conservative.
Morgan Stanley is one of the world’s biggest financial services firms. Their London office in Canary Wharf employs nearly 6,000 people and has spawned an Irish network called Net-Eire which has approximately 250 members. This represents just over four per cent of the total workforce but significantly, it doesn’t account for every Irish person working for the company. David Byrne, 33, works for a world-leading financial services company in Canary Wharf. He is in the process of trying to form an equivalent network and estimates that of the 4,000 people employed at his firm, at least 200 are Irish people – a figure representing five per cent of the work force.
However, Byrne explains that the sheer number of extra roles and the variations on those roles make The City very attractive to Irish professionals.
Byrne says a typical starting salary scale ranges from £18,000 to £40,000. But a source working in Canary Wharf said the average salary of the estimated 50,000 people working in financial and professional services there is £100,000.
An Irish sales trader working in the Square Mile of the City tells a similar story of Irish influence but with a reduced figure of three per cent. He is from Dublin and says the network of Irish people in financial services is very active and believes the number to be vast.
This figure is purely speculative, but it is an interesting comparison that 25,057 people were employed in the financial services industry in Ireland, when data was last collated, by Finance Dublin in 2010. Anecdotally, the Irish Embassy in London says more than half of the membership of the Global Irish Forum is linked with the financial services sector in London.
She says that over one third of their 1700 members are employed in the financial sector “from entry level graduates to senior management and decision makers. Irish people have a very good reputation in banking and finance in London and many of the top management teams will have Irish representatives.” David White is 31 years old and from County Kildare. He graduated with an MA in accountancy just when the boom was making its last play. He worked in corporate banking with an Irish bank in the IFSC for two years, but against the backdrop of decline he saw opportunity in London.
Today more than 20 per cent of his team is from Ireland. He works in front office role in Treasury and Trading.
If Dublin has created a strong ‘back office’ culture, then London is a leader in terms of front office roles. The city is one of the major centres of finance in the world and the Irish are embedded in their thousands.
They explain that Irish professionals leave to work in finance in London because of the increased opportunity which derives from ‘front office’ services like asset and fund management, opposed to the ‘back office’ offshore operations like fund administration of which Dublin is a world centre. "Thousands of talented Irish people work in the City of London,” says Michael O’Toole, a managing director of Morgan Stanley and one of the founders of Net-Eire.
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| Last Updated ( Tuesday, 14 February 2012 11:36 ) |






