The Dutch-owned ABN Amro Bank, which employs 165 people in Dublin's International Financial Services Centre, is moving part of its back-office functions out of Ireland with the loss of 17 jobs.
The job losses follow a review of its entire operations over the past couple of months.
Last year the bank centralised some of its stockbroking services from Dublin to London, where all of the analysts covering Irish publicly quoted companies are now based. ABN Amro's country representative, Mr Tom McAleese, confirmed that 17 positions would be subject to a compulsory redundancy scheme and that the jobs would be phased out over the next four to eight months.
"We are not leaving the country. This will have no impact on our clients." The back-office and support services will be transferred to the bank's hubs in London and Amsterdam, where there is excess capacity, according to Mr McAleese.
ABN Amro employs around 70 staff in its back-office support operations in Dublin, which will be reduced to just over 50 by the year end. Mr McAleese said that, while some functions had been transferred to other ABN Amro locations, the bank had also been hiring additional personnel in areas such as its treasury outsourcing business.
ABN Amro has been operating in the State since 1972 and has built up a strong presence with multinationals as well as establishing a high-profile stockbroking operations through its acquisition of Riada Stockbrokers.
