State Street, a US-headquartered financial services giant, intends to move a “substantive portion” of the European staff with its GlobalLink team to Ireland.
he company, which at the moment has around 2,000 employees in Ireland, is currently seeking a new chief executive for a division to be called GlobalLink Ireland. The role is to be based in Dublin.
The GlobalLink electronic trading platform division sits within the State Street global markets business. In Europe, GlobalLink’s product offering has been provided by State Street Global Markets International, or SSGMIL, which was authorised by the UK’s Financial Conduct Authority to serve UK and European Economic Area clients.
According to an advert for the new chief executive role posted by State Street, the onset of Brexit has meant its EU clients will need to be serviced out of an EU country.
The firm said it intends “to move a substantive portion of the European staff to Ireland under a GlobalLink Ireland CEO”.
“For governance purposes, an entity has been formed in Ireland, with a board of directors which will include an independent non-executive director (INED) and an executive director,” the State Street post read.
State Street added that licencing requirements for the Irish entity to operate as intended are still “under development”.
The new chief executive for the GlobalLink Ireland division would be “expected to be the driving force behind a disciplined and effective build-out of the business – including obtaining the proper approvals of, and be the primary contact for the Central Bank of Ireland, which will be the primary regulator.”
State Street, America’s second-oldest bank, is listed on the New York Stock Exchange and has a valuation of around $29.33bn. It entered the Irish market in 1996.
Since then, it has developed a presence in Dublin, Drogheda, Kilkenny and Naas, and is now headed by Tadhg Young.
Last year, Young said the firm was planning to reduce its office footprint.
The company did not respond to a request for comment.