One of America’s largest and oldest banks State Street has chosen Kilkenny to be the fulcrum of its global cybersecurity operations.

State Street is to establish a new specialist 400-strong team in Ireland to provide tech infrastructure and cybersecurity services to support its group operations globally.

State Street celebrates 25 years in Ireland and 20 years in Kilkenny this year and currently employs approximately 2,000 staff in Ireland across Dublin, Drogheda, Naas and Kilkenny.

“Ireland’s tech ecosystem and financial services credentials alongside Kilkenny’s central location and access to talent from third-level institutions in Dublin, Carlow, Waterford and beyond were all compelling factors in our location decision”

Boston-headquartered State Street is the second oldest continually operating US bank and was founded in 1792. It is ranked among the largest banks in the United States by assets. It is the second largest custodian bank in the world.

Cyber safe in Ireland

Ireland has been selected in large part due to the availability of relevant and skilled technology talent – existing and emerging – from universities and third level institutions, as well as the need to have a location outside the US for time zone support purposes.

“The new cybersecurity and tech roles announced for State Street’s new facility in Kilkenny will help shape the future of our economy and will support the company’s global operations”

“We are very pleased that Ireland and Kilkenny will benefit from this very substantial investment and the addition of high value, sustainable jobs,” said Tadhg Young, State Street’s head of Ireland. “Today’s jobs announcement, alongside plans for our new state-of-the-art office development in Kilkenny, marks a further strengthening of our presence and commitment to the region for years to come.

“Ireland’s tech ecosystem and financial services credentials alongside Kilkenny’s central location and access to talent from third-level institutions in Dublin, Carlow, Waterford and beyond were all compelling factors in our location decision. I wish to thank the IDA for their continuing support of State Street, and I strongly encourage anyone seeking a new career opportunity in a great location and with great prospects for professional development to check out our new roles.”

The centre will employ up to 400 high-value, experienced and graduate level roles across programming, cybersecurity operations analysts, cybersecurity instrumentation engineers, data scientists, cybersecurity architects (network, identity access management and blockchain), cybersecurity forensics/investigations, pen testers and governance, risk and compliance experts.

The investment was welcomed by Leo Varadkar, TD, Tánaiste and Minister for Enterprise, Trade and Employment.

“This is a fantastic boost for Kilkenny. State Street, which already employs 600 in its Loughboy office and approximately 2,000 across the country has chosen to locate a new cybersecurity and technology unit in the county, creating up to 400 new jobs over the next two years.  Ireland’s highly skilled and experienced workforce continues to attract the very best investment across the country. This announcement is further evidence of the phenomenal work the IDA is doing to attract and retain FDI (foreign direct investment) in Ireland – the new unit will be based in the IDA’s Kilkenny Business Park. I wish all involved every success.”

The new unit will be located at IDA Ireland Business and Technology Park in Kilkenny where State Street already employs approximately 600 staff and where the firm is in the process of developing a new state-of-the-art office. Reflective of new ways of working post Covid and of staff preferences for flexibility and remote working, the new office will accommodate above average occupancy levels enabling it to draw on a broad staff pool along the east coast and midlands.

“This significant announcement by State Street demonstrates not only the company’s continued commitment to Ireland but also the attractiveness of the South East Region’s value proposition,” said IDA Ireland CEO Martin Shanahan.

“The new cybersecurity and tech roles announced for State Street’s new facility in Kilkenny will help shape the future of our economy and will support the company’s global operations. I wish State Street every success with this expansion.”

By John Kennedy (john.kennedy3@boi.com)

Published: 1 September 2021

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