Deutsche Bank has today announced plans to cut up to 450 full-time and contractor roles at its Dublin office.
The German bank said it plans to relocate just under 250 jobs from Dublin to its other centres around the world.
Deutsche Bank also said it will cut its contractor workforce in Ireland over the course of the year after the natural completion of a number of projects. It has about 200 contract workers here.
The changes are part of the bank's global strategy, first announced in 2019, to consolidate similar infrastructure functions into fewer locations in order to simplify its operations and reduce costs.
A spokesperson for the bank said the jobs which are being cut include back office and support roles, mainly in its operations and technology operations.
Deutsche Bank said today it is committed to supporting its Irish corporate, institutional and private wealth clients here and to maintaining "a significant presence" in Ireland.
The bank said it will add about 35 front office jobs to its Corporate Bank franchise, while Dublin will also remain an important centre for its specialist Data and Innovation Lab.
It said these two units are expected to employ about 200 workers here.
"We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process", Mary Campbell, Chief Country Officer of Deutsche Bank Ireland, said.
"Dublin will continue to be an important centre for the bank," she added.
Deutsche Bank, which has had offices in Ireland since 1991, said today's proposed changes will not impact the service provided to the bank's clients.
The lender had 408 full-time employees in Ireland at the end of 2020, according to its latest annual report, as well as contractors.
It generated €27m of revenue in Ireland and made a pretax profit of €1m, according to financial news agency Bloomberg.