What does this mean for Irish staff at Goldman Sachs’ fund administration business in Dublin?

Goldman Sachs is getting rid of its fund administration business by selling it to State Street.

The move is likely to cause some disquiet in Dublin, where Goldman employs 40 fund administration staff. The Herald says there will be no job cuts associated with the purchase.

The Independent reports that all Goldman’s staff will be moved across to State Street, which already employs 2,000 staff in Ireland at Dublin, Drogheda, Kilkenny and Naas. State Street was one of the big hirers of fund administrators in Ireland last year. This year, however, it's been cutting costs in an attempt to deal with rising expenses. When State Street announced its second quarter earnings this week, net earnings were down 4%.

State Street's ex-Goldman staff may be secure for the moment, but business may need to pick up if they're to be secure longer term.