Citibank has decided to close its office in Waterford which employs around 50 people.

It is expected some of the staff affected will be offered redeployment to the Dublin office of the bank.

The Waterford operation is based in the IDA business and Technology Park in the city. It will close down by the end of the year.

In a statement the bank says it is due to a restructuring of its global operations and the consolidation of businesses to core operating hubs, of which Dublin is a key component.

"Citi will cease operating from its Waterford office by the end of 2013" it says, adding that the firm "will support any employees who are affected by changes within our organisation".

Citi employs 2,200 in Dublin and says it remains committed to its Irish operations.

Newstalk's Business Editor Ian Guider says the bank has already seen a US bailout.

"Citibank, like most banks, have gone through the ringer in the last couple years. It was a big bank in America that got bailed out over there - I think it swallowed quite a bit of taxpayer's money" he said.

"It is suffering, it is scaling back around the world, and the back-office in Waterford - which would have served the business up in Dublin is going to be closed by the end of this year".

"50 jobs going there - not a good day on the employment front" he added.