Group Chief Economist, Economic Research Unit, Treasury - Dublin

Date: 24-Jan-2023

Location: Dublin, IE

Company: Allied Irish Bank

Role: Group Chief Economist, Economic Research Unit, Treasury

 

Location: Molesworth Street, Dublin 2 (Primarily office based with some flexibility for Remote working)

 

This role is being offered on a Permanent basis.

 

Overview

A vacancy has arisen for the role of Group Chief Economist in AIB who will head up its Economic Research Unit (ERU). The ERU is an enterprise wide economics unit located in Treasury but, servicing a wide range of internal and external customers.

 

The Group Chief Economist plays a critical role in bank stress tests, planning and ECLs, producing scenarios and macroeconomic forecasts supporting these outputs. They also provide briefings for CEO/CFO/Board including analysis of economic risks facing the bank and its customers (e.g. Brexit, Covid-19, interest rate environment) as well as engagements with customers and institutional investors. The Chief Economist is heavily engaged in external media work on behalf of the bank, including monthly manufacturing and services PMI surveys that AIB sponsors.

 

The role is responsible for publishing research and producing detailed economic and markets forecasts, delivering a large number of presentations to senior stakeholders internally and to external customers in the UK and Ireland. They actively support AIB Investor Relations team engagement with DCM and ECM investors.

 

We’re looking for someone who can lead the ERU team to:

  • Inform senior stakeholders including, Executive Committee and Board on global macro-economic environment and associated risks impacting AIB
  • Undertake appropriate research and analysis to support preparation of economic and market forecasts and regulatory stress testing
  • Support the AIB planning process by preparing macroeconomic and qualitative analysis as key inputs to business plans
  • Prepare independent research and analysis for external publication as part of AIB’S commitment to the development of the Irish economy and its customer base
  • Provide support to Treasury teams, in particular Funding & Liquidity and Customer franchise
  • Produce an informed view of trends and outlook for the Irish economy and housing market as well as interest rates
  • Actively interface with internal AIB media and communications team to ensure external communications that have an economic dimension are appropriate, consistent and technically sound
  • Provide direct economic support to the customer facing business across AIB Bank through presentations and meetings with customers, both in person and virtual
  • Give support to the debt investor relations through active quality participation in calling programmes and roadshows

 

You will need to show us that you can/have:

  1. Minimum ten years’ experience working as an economist and in a Banking environment desirable, with detailed understanding of financial markets and Irish economy
  2. Given the level of direct interface undertaken by the ERU with customers, investors, senior management and Board, excellent interpersonal communication and presentation skills are required.
  3. Detailed knowledge about bank stress testing and the role of macroeconomic scenarios and forecasts in the process
  4. Ability to undertake media work to a high standard on behalf of AIB, including radio and TV interviews
  5. Advanced qualifications in Economics & Finance with strong IT and numeracy skills

 

Who are we?

AIB is a purpose-driven bank operating predominantly in Ireland and the United Kingdom that helps its customers achieve their dreams and ambitions.  It is one of Ireland’s major banks serving personal, business and corporate customers.  The vision and strategy of the bank are centred on Five Pillars: Customer First, Simple and Efficient, Risk and Capital, Talent and Culture, and Sustainable Communities.  These Five Pillars are centred around three core accelerating trends; Sustainability, Digitalisation, and Ways of Working.  The Group has a dynamic and inclusive culture, and the executive committee currently has a 50/50 gender split.

 

AIB is well underway executing an exciting three-year strategy. The strategy focuses on simplifying, streamlining and strengthening the business, and on achieving a sustainable return on tangible equity of more than 8% by 2023.  During the same time frame, it will achieve a 10% reduction in costs which will result in a revised annual cost base below €1.35 billion and an appropriate common equity tier one fully loaded capital ratio of more than 14%.  AIB is also accelerating the pace of product diversification, particularly into life insurance, pensions and investments. 

 

Please follow the link to learn more about AIB’s three-year strategy:

https://aib.ie/investorrelations/aib-investor-updates

 

AIB provides a range of services to retail, business and corporate customers, with market-leading positions in key segments.  AIB is the principal brand across all geographies.  In Ireland, EBS is AIB’s challenger brand and Haven is AIB’s mortgage broker channel.

 

AIB’s retail bank has 2.8 million customers and is a full-service retail bank offering unsecured loans and credit cards, current accounts, mortgages, savings and deposits, and insurance products.  The retail bank has a €36.6 billion loan book.  The corporate and institutional bank (Capital Markets) has a loan book of about €16 billion and serves 7,000 customers.  It offers a range of products and services including corporate banking, business banking, real estate finance, syndicated and international finance, specialised finance, and energy, climate action and infrastructure finance.  AIB GB has a loan book of approximately £7.8 billion and serves 300,000 SME and corporate customers. 

 

AIB applies a customer-centric view, always putting the customer first and supporting customers at every stage.  AIB has over 1.8 million customers using its multifaceted service.  It provides customers with a diverse range of contact channels through branches, commercial centres and direct channels such as AIB internet and telephone banking, self-service banking and its award-winning mobile banking app.

 

EBS is also part of the AIB Group and offers mortgage and deposit products and services from its own branch network.  Finally, AIB has a presence in New York, where it offers syndicated and international finance to clients.

 

Based on sound fundamentals, the Group’s infrastructure is modern, resilient and flexible and it offers the number one banking app in Ireland.  Moreover, the balance sheet is resilient, and the Group has focused on asset quality and strong funding and capital.  An important strategy over the coming years is to broaden the Group’s product set and grow the savings and investments, wealth management, life insurance and pensions advice propositions.  This will be enhanced through the proposed joint venture with Great-West LifeCo Inc.  These products are expected to be an established part of AIB’s product suite by 2023, reflecting the strategy to expand the bank’s non-interest income growth streams. 

 

AIB has recently acquired Ulster Bank’s €4 billion corporate and commercial loan book.  AIB also recently acquired Goodbody Stockbrokers.

 

Why join us?

AIB is an equal opportunities employer, and we pride ourselves on being the first bank in Ireland to receive the Investors in Diversity Gold Standard for Diversity and Inclusion. We work to ensure that AIB is a place where diversity is welcome, everyone can thrive, and inclusion is a universal experience.  Our working environment is one in which talented individuals of all backgrounds can realise their full potential, enjoying rewarding careers in the service of our customers.

 

If you feel you have what it takes, click apply and fill in the online application form. If you would like more information or have any special requirements or needs that would support you during the recruitment process then please contact the Talent Acquisition Team at careers@aib.ie

 

By when?  Closing date is  7th February 2023


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