Northern Trust to cut 220 Dublin jobs

US finance company Northern Trust has confirmed plans to cut 220 jobs in Dublin and a further 50 jobs in Belfast and London.

The move follows the group's acquisition of Bank of Ireland Securities Services (BoISS) last month in a deal valued at up to €60 million.

Northern Trust said the acquisition had led to a number of duplicate roles across the company.

The company also said that 80 roles are to be transferred to the firm's  fund administration operation in Limerick over the next 18 months and that those impacted by today's decision will be invited to apply for the new positions.

Northern Trust has been operating in Ireland since 1990 and opened its first office in Dublin in 2000.

The company said it will continue to employ approximately 800 people in Ireland following completion of its restructuring plan.

"The impact of these changes on our affected employees is extremely regrettable," said Wilson Leech, Northern Trust chief executive for EMEA. "We will make every effort to support our employees impacted by this decision and to help them identify new opportunities, including those associated with the planned expansion of our fund administration operations in Limerick."

Mr Leech said that Northern Trust remained committed to Ireland but that the changes announced were necessary to ensure the company could increase efficiency and competitiveness.

Northern Trust, which is the third-largest independent US custody bank, today reported second-quarter profits which were 24 per cent lower.

Net income decreased to $152 million, or 62 cents a share, from $200 million, or 82 cents, a year earlier, while total revenue declined 2 per cent to $945 million