Banking


17
Nov 13

Silicon Valley’s Irish Banker Champions Entrepreneurs

Silicon Valley BankDubliner Barry O’Brien, managing director of Silicon Valley Bank’s Entrepreneur Services Group, describes the route to his role as circuitous. Indeed, he occupies one of the pivotal roles in facilitating entrepreneurs in one of the world’s most entrepreneurial regions – Silicon Valley.

Silicon Valley Bank has helped fund more than 30,000 start-ups and has about US$20bn on deposit.

In June 2012, the bank announced plans to lend US$100m to support Ireland’s technology innovation sector in collaboration with the National Pensions Reserve Fund over the next five years.

Some US$22m of this fund has already been issued to Irish technology start-ups.

O’Brien, a graduate of University College Dublin, began his career in the management consulting world, working for both BearingPoint and PricewaterhouseCoopers before taking a role with the Department of Foreign Affairs. His diplomatic career began at the Anglo-Irish Division of the Department of Foreign Affairs, where he was attached to the International Fund for Ireland.

After stints in Belfast and Dublin, O’Brien received his first overseas posting as vice-consul for the entire US west coast area, working out of San Francisco, California.

“It’s a pretty big area to cover and 42pc of all foreign direct investment to Ireland comes from there so it was a very strategically important part of the world for Ireland,” O’Brien said.

The then-diplomat came to the attention of Silicon Valley Bank while liaising with the bank on behalf of the Irish Government, organising internships at the bank for Irish students.

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17
Nov 13

Deutsche Bank to Triple Irish Workforce with 700 New Jobs

Deutsche Bank IrelandNov 15 (Reuters) – Deutsche Bank will more than triple its workforce in Ireland after announcing 700 new jobs on Friday, handing the government a boost a day after it decided to make a clean break from its EU/IMF bailout.

Ireland will exit its aid programme without a back-up credit line next month with unemployment falling but still above 13 percent, highlighting its dependence on foreign companies who have helped offset the worst of the jobs crisis.

The jobs announcement was the biggest made so far this year by IDA Ireland, the state body responsible with attracting inward investment, and follows recent workforce additions by Twitter, TripAdvisor and EBay Inc.

Germany’s flagship lender, which employees around 100,000 people worldwide, currently has 330 staff in Ireland working in technology and operations, and global transaction banking. It plans to expand the two units between now and 2017.

It said the new hires would span the spectrum from school leavers to graduates.

“The reasons we chose Ireland are very much the same as other international firms. It’s really down to the quality of workforce but also the stream of talent that comes out of the universities,” Nelius De Groot, Deutsche Bank’s global head of financial institutions and securities said.

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1
Jul 13

Deutsche Bank planning 1,000 new Irish jobs.

Deutsche Bank is planning to create up to 1,000 new jobs in Dublin when it sets up a new global centre for hedge fund administration here.

That is two-and-a-half times the number of jobs the German banking giant has been previously reported to be planning to bring to Dublin in what will be a major boost to the capital.

Deutsche already employs 310 people here. It has had a smaller hedge fund administration office in Dublin since 1998 but this expanded significantly in 2011 when the German company set up a “centre of excellence” in hedge funds here.

The IDA declined to confirm whether it was in talks with the banking giant which, according to property sources, is seeking an office location capable of housing its giant new operation.

Deutsche is thought to be eyeing various locations in the vicinity of Ireland’s new Central Bank in Dublin’s docklands.

Ireland has long had a goal of becoming the centre for hedge-fund administration in Europe on the back of the Alternative Investment Fund Managers Directive in July.

The country is already a leader in the sector, with State Street, Citi and Bank of New York Mellon each employing around 2,000 people in Ireland.

Earlier this year, Deutsche Bank said it was considering moving thousands of jobs and functions from high-cost cities.

Dublin has become much more competitive in terms of property and labour since the recession began as well as having a well-structured low tax offering to international banks.

The city is likely to be one of the big winners from this corporate strategy which will see cities like New York, London and Hong Kong lose out.

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