Kerry-based financial services and technology company Fexco is to cut its workforce in Ireland by at least 150 people.

The jobs cuts were announced in an email to staff. 

The company is blaming the job losses on the impact on its businesses due to the coronavirus pandemic.

It said it is hoping to reduce staff numbers through a voluntary redundancy programme.

Fexco was established in Killorglin in 1981 and now employs 2,500 people across the world.

More than 1,000 of those are based in Killorglin.

The company also has offices in Cahersiveen in Co Kerry, and in Dublin.

The job cuts being sought by the company relate to its Irish operations and will affect all areas of the business. 

Separate plans are being drawn up for the company's international operations, details of which will be announced in the coming weeks.

In his e-mail to staff, Fexco Group Chief Executive Denis McCarthy said it was clear that the economic consequences of the coronavirus pandemic would be severe, and that it would take some years for international travel to recover to pre-Covid levels.

He said much of Fexco's business is dependent on the international travel sector.

"Early on in the crisis, rather than cutting jobs, we took steps to reduce costs through a three-month phase of graduated pay cuts. Unfortunately, we now need to reduce our cost base further to protect the business for the long term," Mr McCarthy told staff.

"Our management teams have completed their business reviews to support the next phase of our response plan. Every team has been tasked with conducting a root-and-branch review of all non-pay operating costs and has now been set a specific target of reductions to achieve for the remainder of 2020 and to downsize budget expectations for 2021.

"Despite our efforts, we find ourselves in a position that I would have considered unthinkable just a few months ago.

"With volumes of business sharply reduced it is not possible to maintain current staff levels, which has meant difficult decisions have had to be taken," he wrote.

The email states that staff numbers at Fexco's Irish operations will be reduced "by a minimum of 15%", and that consultations with staff would be conducted over the next month.

Fexco was founded by Mr McCarthy's father, Brian.

He said he had come to the decision to cut staff numbers "with a heavy heart", but was doing so in order to put the company on a stronger footing in the future.