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State Street in buy-up

US bank State Street, which employs more than 2,000 people in Ireland, is to purchase a division of Goldman Sachs in Dublin.

The company said that the deal was worth $550m (¤447m) for the hedge fund administrator Goldman Sachs Administration Services (GSAS), which employs 40 people in the capital.

The cash transaction will see the Goldman staff transfer across to State Street with the deal.

And it is expected that there will be no job losses associated with the purchase.