Business Irish

Sunday 22 April 2018

Citi announces 250 Dublin jobs to bolster its operations in the IFSC

Thomas Molloy

IFSC-based Citi will confirm today that it is to recruit a further 250 people to bolster the US bank's operations at the International Finance Services Centre in Dublin.

Enterprise Minister Batt O'Keeffe is set to make the announcement, along with senior Citi officials. The bank, which has already added around 300 people over the last year, employs 2,200 in Dublin and Waterford.

Citi, which first came to Ireland 45 years ago, set up a research and development centre in Ireland last year to develop electronic-banking products.

The news comes days after the US government sold off its remaining shares in Citi and crystallised a $12bn (€9.1bn) profit for American taxpayers. The sale closed a long and difficult chapter for Citi, which received $45bn in three government rescues during the financial crisis. The bank has returned to profitability this year but struggled to rebuild its reputation under the stigma of being a government ward.

"To finally get that albatross from around its neck, it's a great thing," said Alan Villalon, a senior banking analyst at Minneapolis-based First American Funds, which owns Citi shares.

The US government is expected to begin selling off its stake in bailed-out insurer AIG next year, and it anticipates a profit on the complex stransactions.

Irish Independent

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