Up to 95% of the 310 Wexford-based employees of multi-national financial services giant BNY are to be transferred or made redundant, RTÉ News understands.
A meeting was held this morning between management and staff at the company's Wexford base in Drinagh on the edge of Wexford town.
The company has confirmed it is closing its Wexford office.
Rumours have been circulating for months about the company's future in the area amid restructuring moves by BNY.
The financial services firm, which also has bases in Dublin and Cork, first located in Ireland in 1994 and opened its Wexford operation in 2002.
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Its operations in Dublin and Co Cork are not expected to be impacted by the cuts.
It is understood that employees have been told that about 5% of staff will be given the option to work from home, with the rest of the jobs to be transferred or made redundant.
Minister for Enterprise, Trade and Employment Peter Burke has said there will be options for employees following the "closure" of the Wexford office.
"Our thoughts are with the affected workers at this difficult time, and I can confirm that all available supports from Government and from our agency the IDA will be made available to impacted staff," he added.
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"At BNY we continually evaluate our real estate footprint to ensure we are operating efficiently," the company said today in a statement.
"We are intending to close our Wexford office. We remain committed to serving our clients and relationships in the Irish market and internationally," it added.
The company said they will not be commenting during the employee collective consultation process.
'Body blow for staff'
The Financial Services Union (FSU) has described the announcement by BNY as a body blow for staff and their families.
The FSU called on management to treat staff with respect and said that the collective consultation process needs to explore all options to minimise job losses.
"Staff and their families as well as local business will be shocked by this announcement," said John O'Connell, General Secretary of the FSU.
"The next few weeks will be challenging for everyone involved."
"The FSU is currently reaching out to our members offering support and advice throughout the process," Mr O'Connell said.
"We will be operating a special advice line throughout the consultation process to try and broker the best deal possible for all employees affected by this announcement," he added.
Additional reporting Brian O'Donovan
