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BNY Mellon to shut its Cork office, affecting up to 200 jobs
The American financial services giant BNY, which employs over 1,000 people in Ireland, is to close its office in Cork.
The US lender, which has operated in Ireland since 1994, closed its office in Wexford only last January, with about 300 workers being affected. Some of the staff there did manage to secure positions in an expanded BNY headquarters in Dublin, which opened this summer.
A spokesperson told the Irish Independent: “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.”
The company would not disclose exactly how many workers in Cork will be affected by the decision. It is thought that about 200 are employed there.
Known as the world’s largest custodian bank, it was formed from the merger of the Bank of New York and Mellon Financial Corporation in 2007, and is a leading depository for offshore funds domiciled in Ireland.
BNY Mellon to shut its Cork office, affecting up to 200 jobs
Today’s News in 90 Seconds – September 16th
It is understood that the bank intends to keep a presence in Cork until 2027, and that office space will be made available for any remaining staff. While some of the roles in Cork will be migrated to Dublin, it is thought that not all will be, and therefore there will be redundancies.
The New York-headquartered firm moved into four floors of the eight-storey Shipping Office on Sir John Rogerson’s Quay earlier this year, merging two offices in the city. The new space was billed as having room for up to 800 people. It is understood that BNY intends to lease a fifth floor of the offices, in order to accommodate more staff.
Making the announcement of the move last year, the firm’s Ireland country manager Paul Kilcullen said: ““Ireland is a key location for BNY, and our high-performing teams in Dublin will come together in one office in a prime location at the heart of the city’s international financial services centre.”
The announcement of the new Dublin headquarters coincided with the launch of an updated brand, changing from BNY Mellon to become BNY.
In 2023, BNY announced that it was planning to lay off about 3pc of its global staff that year, saying that costs would be a top priority. At that point the firm had about 52,000 workers worldwide.