BNY to close its Cork office, with 200 employees 'at risk of redundancy'

US banking company BNY has announced the closure of its Cork office, with up to 200 jobs at risk.

According to stakeholder correspondence, seen by The Echo, following an assessment conducted over recent months, it is the organisation’s intention to close its Cork office, “consolidating BNY’s Ireland footprint primarily into our Dublin location”.

The closure of the company’s Cork location at Cork Airport Business Park will see up to 200 jobs “at risk of redundancy”, with the majority expected to migrate to Dublin following consultation with staff. A small number of roles are proposed to become virtual for an interim period, but will also be subject to consultation.

“This initiative is part of our long-term planning process, as we think carefully about how to organise our company to best serve clients, grow our business, and improve the workplace environment for our employees in the coming years,” the BNY correspondence stated.

A BNY spokesperson said: 

“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.”

Conor Healy, CEO of Cork Chamber, said that BNY’s decision to cease its Cork operations is “very disappointing news for the Cork region”.

“Our thoughts are with the employees and their families who are affected by this development,” said Mr Healy.

“While this is a setback, it is important to recognise the resilience and depth of Cork’s financial services sector. We will continue to strengthen collaboration and ensure that Cork remains competitive, innovative, and well-positioned to sustain and grow financial services employment into the future.”

Sinn Féin Cork South Central TD Donnchadh Ó Laoghaire said that this is “very upsetting and worrying news for workers at BNY in Cork. They are foremost in our thoughts at the moment, and it is a difficult time for them as they face an uncertain future”.

“While it is not happening overnight, clearly many workers will now be worried about how to plan for the future. It is important that the Department of Social Protection and Department of Enterprise are on the ground, assisting with finding new employment and supporting them in any way possible.

“While this appears [to be a] relocation of jobs to Dublin, it is important that, locally and nationally, we take stock of the situation in terms of financial services here in Cork,” he added.

David Bennett, chair of the Cork Financial Services Forum and a partner at EY, said that BNY’s departure represents “a real loss for Cork and for the affected employees”.

“We remain confident in the strength and future growth of Cork’s financial services sector,” he added.