Deutsche Bank, , the largest bank in Germany, has pulled out of a prestigious online investment banking initiative in Cork which would have employed 100 people, The Irish Times has learned.
The bank, which advertised to staff the project only 11 weeks ago, had "changed the emphasis" of its global electronic services plans, said a person familiar with the situation.
None of the positions advertised with Deutsche's Internet-based personal investment bank will be filled following this development. Most of the jobs were at a back-office project planned for Cork, although the bank also sought a Dublin-based risk manager. It is thought there were a number of elements to the decision not to go ahead with the project, although two informed observers claimed it was not linked to a shortage of workers. One person described the decision as a "postponement", but she was not prepared to specify when the bank might proceed with the plan.
The proposed investment was regarded as a coup for the Republic because IDA Ireland in particular is seeking to focus on "e-business" projects.
Deutsche's decision to plan the initiative for Cork - most likely at the Airport Business Park - is believed to have come about because back-office projects in Dublin are not eligible for State grant aid.
An IDA Ireland spokesman declined to comment on the Cork development. "Obviously we're in discussions with Deutsche on a number of projects but we don't want to get into discussions on individual projects," he said.
A manager at SkillsGroup International, the recruitment consultancy which acted for Deutsche Bank in Cork and Dublin on the project, also declined to comment.
The plans appeared to be well-advanced when the bank advertised in this newspaper on June 2nd, stating that interviews would be conducted in Dublin and Cork.
In the advertisement, Deutsche said its "Web-based personal investment bank will empower the active private investor across Europe to manage their financial assets".
It is thought the services would have focused on the German market initially. The ability to speak German as a second language would be "highly advantageous" for all positions, said the advertisement.
It continued: "The personal investment bank will offer high-end functionality to customers providing privileged direct access to innovative products, advanced trading tools and extensive market intelligence."
Deutsche, which already employs about 400 people in Dublin, sought a banking services manager, a banking operations team leader and team members. The bank's existing Irish operations include a fund management, administration and custody business at Deutsche International, which employs about 250 workers, and a money and cash transfer business at Deutsche Services, which employs about 150 people. Deutsche Bank BB (Ireland) plc employs 25 banking operations staff. Many of these workers are based at the bank's substantial operation at the IFSC in Dublin.
