US financial services giant BNY is to close its Cork office where around 200 people are employed.
The move comes less than a year after the group announced the closure of its office in the Drinagh Business Park in Wexford, where 310 jobs were impacted. Some of the workforce there relocated to Dublin where the group has its Irish headquarters.
In a statement on Tuesday, BNY said: “We continually evaluate our real estate footprint to ensure we are operating efficiently. We are intending to close our Cork office.”
It added that a consultation process for affected employees has begun, and that the group “remains committed” to serving its clients in the Irish market and internationally.
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It’s understood the process of winding down activity at the group’s Cork office will continue out to 2027.
There are about 200 staff there, and the Cork site will remain open and office space will be made available to support business as usual as operations are wound down.
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While the company would not comment on specific job losses, it is understood the intention is that a majority of the Cork roles will be migrated in a phased manner to Dublin.
It is understood there are redundancy packages on offer, as well as redeployment options, while there will also be alternative opportunities within the company on the table for staff.
The company is understood to be committed to providing all employees with a range of supports, as well as on-site information sessions during and after the collective consultation process.
[ BNY Mellon announces closure of Wexford facilityOpens in new window ]
BNY, which was known as BNY Mellon before a recent rebrand, established a presence in Ireland in 1994 and services global clients from here.
It delivers a range of services to asset managers, banks, pension funds, insurance companies and sovereign wealth funds.
The group selected the shipping office in Dublin’s south docklands as the location for its Irish headquarters last year, initially leasing four floors.
The company has now signed another lease for an additional floor of that building, where some of the staff who migrate from Cork will be redeployed.
Globally, the company oversees more than $55.8 trillion in assets for its clients. It describes itself as a leading trustee and depositary for offshore investment funds domiciled in Ireland.
