State Street

We are a strong ecosystem with multiple parties, service providers like ourselves, management companies, commercial law firms, audit firms: it’s the synergy of all the different stakeholders working together… It’s the right balance between everyone having their own commercial imperatives but collaborating across an ecosystem that collectively facilitates growth and expansion.

Terri Dempsey

CEO and country head of State Street Ireland

Why Ireland for State Street

State Street Corporation is one of America’s oldest continuously operating banks that today is a leading global company across investment servicing, markets and financing, and investment management. State Street now operates in over 100 countries around the world and employs close to 53,000 people. More than 11% of the world’s financial assets pass through its systems every day.

A major presence in Ireland’s financial services sector

State Street has had a direct presence in Ireland since 1996. Together with State Street Investment Management, its asset management arm, the company now employs more than 2,200 people in Ireland, making it one of the largest financial services employers in the country. As a service provider for the funds sector, State Street services over $2 trillion in assets domiciled in Ireland – roughly one-third of the entire funds sector.

State Street was the first multinational financial services organisation to place a significant part of its workforce outside the traditional centre of Dublin when it set up in Kilkenny, 25 years ago, and it was this location that it chose for its cybersecurity centre.

This was a key milestone for the Irish operation when it formally opened a global cybersecurity centre at its office in Kilkenny in 2024. It chose Ireland as its first global ‘fusion’ centre for the business, with a second now established at State Street’s headquarters in Boston.

Significant strategic site located in Ireland

The centre protects over 100 markets outside the United States, providing 24/7 cyber coverage to keep the bank’s clients’ assets safe. The reason for choosing Ireland as the location for the site was the time zone advantage into Europe, the ability to cover the Asia-Pacific market, along with infrastructure and skills availability for growing a team from that base.

Another consideration which helped to make the case for locating the cybersecurity centre in Ireland was the education system. Universities in the South-East region near Kilkenny produce skilled technology graduates to fill the high-value roles.