US banking and financial services giant BNY is to shut its office in Cork, with fears that up to 200 jobs could be lost.
The New York firm first established a presence in Ireland in 1994 and had offices in Dublin and Wexford. It opened an office in the Cork Airport Business Park in December 2005.
BNY’s Irish operations provide a variety of services to asset managers, banks, pension funds, insurance companies and sovereign wealth funds.
A spokesperson for the company confirmed the decision in a statement. “At BNY we continually evaluate our real estate footprint to ensure we are operating efficiently. We are intending to close our Cork office. For affected employees we have commenced a consultation process. We remain committed to serving our clients and relationships in the Irish market and internationally.”
BNY closed its office in Wexford this year, with some staff migrating to the Dublin office. It is understood that the company remains fully committed to Ireland and will maintain a presence and office space in Cork through to 2027, with options for the Cork staff to migrate to Dublin. However, it is understood that some positions in Cork will be made redundant.
The decision, in January, to close their Wexford branch, where up to 300 people worked, followed a global review of the bank’s real estate assets. The company currently operates from four floors of the Shipping Office on Sir John Rogerson’s Quay. It is understood that the firm is to lease a fifth floor in the building to accommodate more staff.
BNY operates from a significant office space premises in the Cork Airport Business Park. The site began as a greenfield development in 2000 and has grown into a purpose-built campus that hosts over 60 companies across a variety of sectors including Analog Devices International, Avery, Amazon, IBM and McKesson.