BNY is planning to close its office in Cork where the US financial services giant currently employs 200 people.
It is understood that many of the affected employees may be able to transfer to BNY's other office in Dublin. In January, the firm announced it would close its Wexford office, affecting 310 members of staff.
A spokesperson for BNY confirmed the planned closure of the Cork office, adding that the company continually evaluates its real estate footprint to ensure it is operating efficiently.
“We continually evaluate our real estate footprint to ensure we are operating efficiently. We are intending to close our Cork office," the spokesperson said.
"For affected employees we have commenced a consultation process. We remain committed to serving our clients and relationships in the Irish market and internationally."
BNY, which first established operations in Ireland in 1994, is expected to maintain a presence in Cork until 2027, and while a number of positions may transfer to Dublin, redundancies are likely.
Similarly, some staff in Wexford were able to transfer to the expanded headquarters in the capital.
BNY reported global revenues of $18.6bn last year, up from $17.7bn in 2023, while net income rose from $3.3bn to $4.5bn. Globally, the company oversees more than $55.8tn in assets for clients.
(Pic: Cheng Xin/Getty Images)
