Little more than a year ago, hedge fund administrator Citco Fund Services was planning to expand its operations in Ireland. But the industry downturn has turned those plans upside down.

Instead of adding jobs at its Cork office, Citco will be slashing jobs in Dublin and Cork. The firm told employees in Dublin that it will begin the layoffs next month. Citco employs about 1,000 people on the Emerald Isle.

Last February, Citco announced plans to add 150 jobs to its Cork hedge fund administration operation over the following three years.