Cognotec axes 40 jobs in Dublin

Cognotec axes 40 jobs in Dublin

Irish FX dealing technology company Cognotec is axing around 40 jobs - or 25% of its workforce - at its Dublin operations.

According to Irish press reports the vendor is restructuring its Dublin operations - where it employs 190 staff - following the development and launch of its RealStream product, which streams FX pricing and execution data.

The vendor had previously doubled its workforce to develop the RealStream product.

But Mike Thrower, head of sales and marketing at Cognotec, told reporters that having successfully completed the development, the firm now needed to reduce its headcount.

Cognotec was set up in Dublin in 1991 and also has operations in London, New York, Tokyo and Singapore.

Last year Japanese finance firm Softbank sold its 28.5% stake in the company to founder Brian Maccaba and private equity outfit FinVentures.

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