BNY Mellon is to invest €8 million in the creation of a digital R&D hub in Dublin that will drive innovation in AI and data analytics for the US bank's global client base.
Supported by IDA Ireland, the investment will lead to a more than doubling of the digital team in Dublin and the initial creation of 30 specialist jobs by the end of 2025.
BNY Mellon is seeking to recruit a range of AI and technology specialists, including experienced data scientists, and product and design thinking specialists.
The new hub will also collaborate with with education bodies to sponsor and support advanced AI research, providing career and mentoring opportunities to graduate students.
Paul Kilcullen, BNY Mellon CEO of Funds Services Ireland and Ireland Country Manager, comments: “This investment reinforces BNY Mellon Ireland’s position at the leading-edge of financial services research and development and helps cement Ireland’s position at the forefront in driving innovation in the financial services sector globally.”
Developers in Ireland recently contributed to BNY Mellon’s Predictive Analytics for Trade Settlement, which uses AI and other innovative technologies to help the industry better predict settlement failures.
The US investment bank employs an estimated 1,700 in the Republic, working to provide administration services for a variety of funds, including equity, bond, money market and exchange-traded funds.
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