AXA Insurance has confirmed that it is relocating some roles from Dublin to Co Derry.
In a statement the company said net job losses would be small, and said it was confident that this could be achieved on a voluntary basis.
AXA said it “operates on an all Island basis and following a review of its business processes has decided in the interests of efficiency and customer service to consolidate some of its operations, which will involve the relocation of some roles from Dublin to Derry”.
The insurance firm added it would not be commenting on any specific details, as discussions with employee representatives are ongoing.
Sources said staff had been told that the relocation process would result in around 100 job losses.
Unite official Maeve Brehony said staff members were shocked and devastated at the news.
She said the union would now enter into intensive talks with AXA management aimed at minimising the impact on members, and to secure the best deal possible for those losing their jobs.
Meanwhile, SIPTU representatives have said they will engage in intensive negotiations in the coming days with the management of AXA following the announcement of possible job losses.
SIPTU Organiser Peadar Nolan said: "Yesterday unions and workers were informed by management that it intends to relocate some operational activities from Dublin to Derry. It was confirmed that this would lead to a number of job losses.
"Our aim will be to impress on the company the need to engage with a view to considering all options available to retain existing jobs. If this is unsuccessful we will be working to ensure any job losses are on a voluntary basis and are on the best terms possible for the members affected," he added.
As yet it is unclear whether the job losses will be limited to Dublin employees, or whether staff in the nationwide branch network will also be affected.
It is also unclear whether staff in the Republic will have the option of redeploying to Derry.