AXA Insurance has confirmed that it is relocating some roles from Dublin to Derry.
In a statement AXA said net job losses would be small, and said it was confident that this could be achieved on a voluntary basis.
The company has yet to reveal how many posts it will be creating in Derry as a result of its relocation plans.
But around 100 jobs are being axed in Dublin.
It is also unclear whether staff in the Republic will have the option of redeploying to Derry.
AXA said it “operates on an all Island basis and following a review of its business processes has decided in the interests of efficiency and customer service to consolidate some of its operations, which will involve the relocation of some roles from Dublin to Derry”.
The insurance firm added it would not be commenting on any specific details, as discussions with employee representatives are ongoing.
Unite official Maeve Brehony said staff members were shocked and devastated at the news.
She said the union would now enter into intensive talks with AXA management aimed at minimising the impact on members, and to secure the best deal possible for those losing their jobs.
Another trade union, SIPTU, said they will engage in intensive negotiations in the coming days with the management of AXA following the announcement of possible job losses.
SIPTU Organiser Peadar Nolan said: “Yesterday unions and workers were informed by management that it intends to relocate some operational activities from Dublin to Derry. It was confirmed that this would lead to a number of job losses.
“Our aim will be to impress on the company the need to engage with a view to considering all options available to retain existing jobs.
“If this is unsuccessful we will be working to ensure any job losses are on a voluntary basis and are on the best terms possible for the members affected,” he added.
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