US financial services giant State Street is to create 400 hi-tech jobs in Kilkenny, less than two years after pulling the plug on a technology venture in Belfast.
The Boston-based investment manager said it will recruit the new technology infrastructure and cyber security roles over 24 months.
State Street already employs around 2,000 people in the Republic, but made a move to Belfast during May 2018.
While the company appeared to shy away from publicly announcing the Belfast move, recruitment ads revealed plans for “significant expansion into Northern Ireland as part of our new technology location strategy”.
It’s understood the company had also embarked on a office search in Belfast capable of housing at least 100 staff.
But it all came to an abrupt end in September 2019 when the company removed all its equipment from a shared office facility in the city centre, much to the shock of the 40 people employed in the operation, who were made redundant.
State Street denied the move was related to Brexit, but part of “a collective consultation process” into its UK business.
It said the decision to axe the Belfast technology centre was part of moves to “streamline our IT organization”, adding that it “removes unnecessary layers that get in the way of our overall success”.
Invest NI confirmed it had offered State Street grant support for its move, but said the plug was pulled before any cash was handed over.
State Street eventually cut its global workforce by 3,400 in 2019.
In a very different statement yesterday, State Street said it selected Kilkenny for the new technology project due to its proximity to universities and third level institutions.
It also said it needed a location outside the US for time zone support purposes.
State Street already employs around 600 at the IDA Ireland business park in Kilkenny. Like Invest NI in the north, the IDA works to attract foreign direct investment into the Republic.
Speaking yesterday, Leo Varadkar, Tánaiste and the Republic’s Minister for Enterprise, said: "Ireland's highly skilled and experienced workforce continues to attract the very best investment across the country. This announcement is further evidence of the phenomenal work the IDA is doing to attract and retain FDI in Ireland.”
