UPWARDS of 400 high-end jobs are on the way for Limerick, with hiring starting immediately.
The positions will be filled over the next five years and will bring to 700 the numbers employed at Northern Trust Financial Services in Plassey.
The new positions are mostly in fund administration, with some in human resources, training and corporate services.
The news has been welcomed by the Limerick business community.
Pat Kearney, Rooney Auctioneers, described it as a real shot in the arm for the region.
“From our point of view, we have detected an upswing in the housing market. Positive developments such as this will increase consumer confidence, and the city overall should benefit.
“We have seen hundreds of young graduates emerge from UL and LIT this year, people who are fully prepared and educated to apply for the positions on offer”.
American Chamber of Commerce Mid West Regional Chair, Barry O’Sullivan, told the Limerick Post: “This is a strong investment, that shows Ireland is very much part of the company’s long term and strategic plans. It is a further endorsement in the Mid West as a location for Foreign Direct Investment, and the entire team at Northern Trust should be congratulated”.
Limerick businessman, Michael O’Dwyer, founder of Ipsdirect, referred to Northern Trust as a role model for others.
“I know from my world travels that Ireland is seen as having a broadly educated workforce. I have no doubt that the local business community will respond to this announcement, and the carrot is now out there for them to reinvest.
“All these extra jobs must be seen as a key element in reviving our economy. From my information, further announcements could be on the way. Limerick is on the way back”.
This is the second jobs announcement for the city this year from the Northern Trust. In April, they announced that the aim was to employ 300 staff before the end of 2012 and that target has already been exceeded.
Minister, Richard Bruton, said: “It is a great tribute that Limerick is regarded as a centre of excellence and key to the expansion plans of this iconic company”.
Finance Minister Michael Noonan, described it as a “very significant day for the country as well as for Limerick, as did Junior Minister, Jan O’Sullivan.
