Northern Trust set to axe 150 jobs
Published 20/07/2011 | 13:52
Investment management company Northern Trust is to axe around 150 jobs in Ireland.
The firm said it was shedding positions as part of its takeover of Bank of Ireland's former subsidiary Securities Services (BoISS).
As part of the merger, bosses said hundreds of duplicate roles will be either lost or transferred to other offices.
"The impact of these changes on our affected employees is extremely regrettable," said Wilson Leech, Northern Trust's European chief executive officer.
"We will make every effort to support our employees impacted by this decision and to help them identify new opportunities, including those associated with the planned expansion of our fund administration operations in Limerick."
It is expected 220 roles in the company's Dublin offices will be affected. Around 80 of those will have the opportunity to transfer to Limerick over the next year and a half.
The company has been in Ireland since 1990 and has 950 employees in Dublin, Limerick and Belfast, since the recent merger first announced in February. It added that after the restructuring process it expects to employ 800 people in Ireland.
"Northern Trust remain committed to Ireland," said Mr Leech.
"Our Limerick and Dublin offices are key centres of excellence for fund administration, and our Dublin office continues to be our largest funds servicing location across the globe. These changes are necessary to ensure we increase our capability, efficiency and competitiveness, and will ultimately position our business for continued growth and development."