GE Money is to cut 80 jobs from its workforce of 400 in Dublin and Shannon as the finance company withdraws from the mortgage market and reduces its exposure to the car finance sector.
The company is one of the country's big providers of personal, car and commercial loans.
It was formed in 1997 after the takeover of Woodchester Investments.
At the time the deal was the largest take-over in Irish corporate history.
The company says the decisions are as a direct result of the extreme volatility and greatly increasing cost of funds on the global wholesale market.
A statement from the company read: 'Mortgages are capital-intensive businesses and the returns available at present no longer justify the cost of funding these products in Ireland.'
The company said the changes will have no impact on its existing mortgages, personal loans and car finance agreements and insurance policies.
GE Money said it will seek to redeploy as many affected workers as possible into other areas of the business where vacancies exist. A process of consultation with staff is to start immediately.
