State Street, a Boston-based financial services firm has cancelled its expansion plans for Belfast with the loss of at least 40 jobs.
The US company revealed last month it had plans for a new technology-focused office in Belfast city centre, to house at least 100 employees, including a new tech team with 11 software engineers.
Reportedly however, the company removed all its equipment from its shared office facility on Arthur Street on Thursday 12th September.
One source told the Irish News that State Street's Belfast staff were left shocked by the move.
State Street maintains this decision has no connection to Brexit uncertainty, but said in an official statement that it was undertaking “a collective consultation process with regard to our operations in Belfast, Northern Ireland.” A spokesperson commented: “We remain committed to the UK and maintain a strong presence in both our London and Edinburgh sites."
The billion-dollar firm currently employs around 40,000 people worldwide, including 2,500 people in the Republic of Ireland, spread across five locations. Describing itself as the world’s third largest investment manager, State Street initially made the move to Belfast after long-term negotiation with Invest NI.
The economic support agency confirmed that although it initially offered the company funding support for the move, none of the money was ever given. “It is Invest NI's understanding that State Street has made a decision to reduce headcount across a number of locations globally and that this may include the Belfast office," said a spokesperson. "Invest NI had made an offer of support to the company but none of this had been released.”
State Street's moves to set up an engineering office in Belfast began in May 2018, and previously posted recruitment ads describing its plans for “significant expansion into Northern Ireland as part of our new technology location strategy”.
Source: Irish News
