CITCO – Job Cuts – Fund Administration Jobs
Friday, October 31st, 2008
Citco has announced that it will cut jobs in Ireland. Employee at their IFSC offices were told that jobs will be lost from next month. Citco provides administration services primarily to non-Irish funds and the company has 1,000 employees in Ireland between Dublin and Cork. We announced earlier this year that they would be creating new jobs in Cork. What a difference 6 months makes.
Citco had planned to grow its Cork city operations and allow the location to take responsibility for a wide range of additional activities. This expansion plans were supported by IDA Ireland and were to create 150 jobs over the next 3 years. This expansion is now in doubt with the job cuts announcement.
Irish operations make up more than a quarter of Citco’s overall workforce. Generally the sector, Fund Administration, accounts for 9000 jobs in Ireland.
