US financial services firm BNY is to close its Cork office where around 200 people are employed.
The company has not said what the closure will mean in terms of job losses, but it is understood many of those impacted may be able to retain roles within BNY which has a large office in Dublin.
A BNY spokesperson said it continually evaluates its real estate footprint to ensure it is operating efficiently.
"We are intending to close our Cork office," the company said.
For affected employees we have commenced a consultation process. We remain committed to serving our clients and relationships in the Irish market and internationally," the spokesperson said.
It is understood the company will maintain a presence in Cork until 2027.
While a number roles may transfer to Dublin, some redundancies are likely.
In January, BNY announced plans to close its Wexford office where 310 people were employed.
A number of those impacted workers were able to remain with the company with some transferring to BNY's recently expanded Dublin headquarters.
