State Street has selected Ireland for its new cybersecurity and technology unit creating 400 new jobs in Kilkenny according to Deputy John McGuinness.
State Street will establish a new specialist 400-strong team in Ireland to provide technology infrastructure and cyber security to support group operations globally.
Ireland has been selected in large part due to the availability of relevant and skilled technology talent – existing and emerging (from universities and third-level institutions) – as well as the need to have a location outside the US for time zone support purposes.
The new unit will be located at IDA Ireland Business and Technology Park in Kilkenny where State Street already employs approximately 600 staff.
Hear what Tánaiste Leo Varadkar had to say about the announcement here:
“This is fantastic news for Kilkenny as one of the largest job announcements in recent history with the creation of 400 jobs. It will be a huge boost to our local economy,” said Deputy John McGuinness.
“State Street are now in the process of developing a new state of the art office complex at their current location, representing a huge investment in Kilkenny,” he said.
Reflective of new ways of working post COVID and of staff preferences for flexibility and remote working, the new office could see office occupancy levels of up to 200% whilst drawing on a potentially broader staff pool along the east coast and midlands.
Welcoming the news, Mayor of Kilkenny, Andrew McGuinness said, “This is a great day for Kilkenny with such a huge investment and job creation announcement that will benefit everyone. As Mayor, I want to thank State Street for making such a substantial investment into Kilkenny and wish them every success.”
The new unit will employ up to 400 high value, experienced and graduate level roles,
across: programming, Security Operations Analysts, Security Instrumentation Engineers, Data Scientists, Security Architects (Network, Identify Access Management and BlockChain), Security Forensics/Investigations and Governance, Risk and Compliance experts. The new roles will be filled on a phased basis over the next 12 months.
Commenting, Tadhg Young, State Street’s head of Ireland, said: “We are very pleased that Ireland and Kilkenny will benefit from this very substantial investment and the addition of high value, sustainable jobs. Today’s jobs announcement, alongside plans for our new state-of-the-art office development in Kilkenny, marks a further strengthening of our presence and commitment to the region for years to come.
“Ireland’s tech ecosystem and financial services nous have always been attractive selling points, which alongside Kilkenny’s central location enabling it to draw on talent from third level institutions in Dublin, Carlow, Waterford and beyond were all compelling factors in our location decision. I wish to thank the IDA for their continuing support of State Street, and I strongly encourage anyone seeking a new career opportunity in a great location and with great prospects for professional development to check out or new roles.”
Welcoming the news, Leo Varadkar, Tánaiste and Minister for Enterprise, Trade and Employment said: ““This is a fantastic boost for Kilkenny. State Street, which already employs 600 in its Loughboy office and 2,000 across the country has chosen to locate a new cybersecurity and technology unit in the county, creating 400 new jobs over the next 12 months. 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 – the new unit will be based in the IDA’s Kilkenny Business Park. I wish all involved every success.”
Minister of State with special responsibility for Financial Services, Credit Unions and Insurance Seán Fleming said: “I am delighted to welcome this transformational investment from State Street and would like to thank all of the executives involved in Kilkenny, the wider Irish operations and their colleagues in the US. The investment is an endorsement and a commitment to Ireland and the State Street team in Kilkenny. It demonstrates the vital role that regional operations can play in creating value for global firms. Both I and the team behind the Ireland for Finance Strategy wish State Street every success as they build out the team in the region.”
State Street currently employs more than 2,000 staff in Ireland across Dublin, Drogheda, Naas and Kilkenny and approximately 39,000 employees globally. The firm provides custody and/or administration services for assets exceeding $42 trillion and has approximately $3.9 trillion in assets under management. Reflecting the importance State Street attaches to cybersecurity unit will be exclusively focussed on meeting internal group requirements.
Martin Shanahan, CEO, IDA Ireland said: “This significant announcement by State Street demonstrates not only the company’s continued commitment to Ireland but also the attractiveness of the South East Region’s value proposition. The new cybersecurity and tech roles announced for State Street’s new facility in Kilkenny will help shape the future of our economy and will support the company’s global operations. I wish State Street every success with this expansion.”