BNY’s Cork Shutdown: Is Your Job Next in the Crosshairs of a Corporate Shakeup?

So, here we go again—another shake-up in the Irish financial services scene, and this time it’s BNY pulling the plug on its Cork office, where 200 employees currently clock in their hours. You ever wonder how giants like BNY decide where to plant their flags and when to pack up and move on? Turns out, it’s not just about fancy suits and big deals—it’s about streamlining real estate, cutting costs, and sometimes, tough decisions that ripple across communities. With a recent closure in Wexford already shaking things up for over 300 staffers, the Cork shutdown feels like a strategic chess move, potentially shifting some folks over to Dublin’s expanded hub—though, let’s be honest, not everyone’s going to find a seat at that table. Despite the turbulence, BNY’s global footprint remains mammoth—over $55 trillion in assets under watch and thriving financial results that might just make you ask: Is consolidation the secret sauce in today’s hyper-competitive market? Buckle up, because this story’s got layers—and we’re just scratching the surface. LEARN MORE.

BNY is planning to close its office in Cork where the US financial services giant currently employs 200 people.

It is understood that many of the affected employees may be able to transfer to BNY’s other office in Dublin. In January, the firm announced it would close its Wexford office, affecting 310 members of staff.

A spokesperson for BNY confirmed the planned closure of the Cork office, adding that the company continually evaluates its real estate footprint to ensure it is operating efficiently.

“We continually evaluate our real estate footprint to ensure we are operating efficiently. We are intending to close our Cork office,” the spokesperson 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.”

BNY, which first established operations in Ireland in 1994, is expected to maintain a presence in Cork until 2027, and while a number of positions may transfer to Dublin, redundancies are likely.

Similarly, some staff in Wexford were able to transfer to the expanded headquarters in the capital.

BNY reported global revenues of $18.6bn last year, up from $17.7bn in 2023, while net income rose from $3.3bn to $4.5bn. Globally, the company oversees more than $55.8tn in assets for clients.

(Pic: Cheng Xin/Getty Images)