Deutsche Bank has announced plans to axe as many as 450 full time and contractor roles in its Dublin office.
The cuts will account for three quarters of the bank's Dublin staff and will focus primarily on technology and operations.
The bank employs roughly 600 people in the Irish capital. 200 of these are contractors while the rest are full-time employees.
Just under 250 roles will be relocated to other centres around the world while its use of contractors will be materially reduced.
A statement from Deutsche added that Ireland will remain a key destination for its corporate banking business and it plans to add 35 front-office jobs over the course of the year. Dublin will also continue to house Deutsche's data and innovation lab and together the two businesses should account for 200 staff.
According to the bank, the cuts are "part of a wider strategy by the bank to simplify its operations and reduce costs which was begun in July 2019".
That restructuring plan involves eliminating roughly 20% of the bank's global workforce, equivalent to 18,000 employees. At the time of the announcement, Deutsche said that the changes would have a minimal effect on its Dublin operations.
The bank reiterated its commitment to Ireland following today's announcement. “We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process,” said Mary Campbell, chief country officer of Deutsche Bank Ireland.