Citco revenues drop 10% to €18m

Restructuring costs of €2.45m that involved the redundancy of 49 workers at the Cork-based Citco Global Securities Services resulted in the company going into the red last year.

The financial services firm employed 344 at the end of Dec 2011. Redundancies in the first quarter of this year reduced its work force by 49.

Accounts just lodged with the Companies Registration Office show revenues at the firm last year decreased by 10.7% from €20.2m to €18m.