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Closure costs 50 jobs

THE Citi Bank office in Waterford is being closed with the loss of 50 jobs.

The office, on the IDA industrial estate, deals with the bank's hedge fund services.

The company employs 2,200 people in Dublin and it is believed that half of the Waterford staff will be offered redeployment options. The bank said the cuts are part of wider global restructuring, but that the company remains committed to Ireland.

Meanwhile London-headquartered HSBC has announced it will redouble its cost-cutting efforts, including the axeing of up to 14,000 more jobs.