Citi confirms closures of Waterford office employing 50

IDA Ireland should put global bank Citi under pressure to ensure all 50 of its Waterford employees are redeployed to Dublin, Fine Gael TD John Deasy has said.

Citi confirmed this morning it was closing its hedge fund base at the IDA business in Waterford, which employes 50 staff, due to “restructuring”. The 2,200 people employed by City in Dublin won’t be affected.

It was being reported locally today that half of the 50 bank staff currently employed by Citi in Waterford will be offered redeployment to Dublin but Mr Deasy called on IDA Ireland to put pressure on the company to extend this option to all the Waterford employees.

The inward investment agency supported an expansion announced by Citi just three years ago, when 250 jobs were created across its Dublin and Waterford offices.

“Considering the IDA backed this three years ago, I think they should contact the company and try and negotiate redeployment offers for all of the staff,” Mr Deasy said. “My understanding is that the IDA, and by extension the State, made a significant investment in this company at this location and I think, at the very least, they should explore the possibility of redeploying everyone affected.”

Mr Deasy said he is contacting IDA Ireland chief-executive Barry O’Leary today to make his views known.

In a statement released this morning, Citi said: “Due to restructuring in our global operations and the consolidation of our businesses to core operating hubs, of which Dublin is a key component, Citi will cease operating from its Waterford office by the end of 2013. Citi will support any employees who are affected by changes within our organisation. Citi employs 2,200 in Dublin and remains committed to its operations in Ireland.”