Fexco, one of the biggest employers in the south west of the county is laying off 150 staff.
The Irish owned financial services company employs around 1,000 people at its main base in Killorglin , Co Kerry. Its main operations include foreign exchange services and it is also the biggest shareholder in Goodbody Stockbrokers, which it is in the process of selling.
The company plans to reduce its Irish employee numbers by at least 15pc through a voluntary redundancy scheme, in addition a previous three month temporary pay reduction is being extended for a further three months and staff will be offered career breaks.
The layoff were announced in an email to staff from chief executive Denis McCarthy.
"Despite our efforts, we find ourselves in a position that I would have considered unthinkable just a few months ago. With volumes of business sharply reduced it is not possible to maintain current staff levels, which has meant difficult decisions have had to be taken," he said.
He said the job losses were a result of the impact of the Covid 19 outbreak on the travel sector.
"It is clear that the impact of Covid-19 will not be short-lived, and the economic consequences of the pandemic will be severe. Although international travel will recommence, it will likely take some years for it to return to pre-Covid levels. Because much of Fexco’s business is dependent on this sector, we must examine our operations to determine the changes we need to make," the email, seen by Independent.ie, said.
The memo said all non-pay costs are also targeted for reductions.