Online payments company PayPal is to cut more than 300 jobs from its Irish workforce.
The firm says the 'reduction of 307 roles in Ireland' is subject to consultation.
It is proposing to cut the positions at its sites in Dublin and Dundalk "following a review of its operational needs."
"The changes will help us scale our business to meet the evolving needs of our customers, ready for our next chapter of growth", it claims.
The plan would see a reduction of 135 roles in Dublin and 172 in Dundalk.
PayPal says employees in affected teams were notified of the consultation on Tuesday.
In a statement, the US-based firm says: "PayPal remains committed to Ireland and our Dublin and Dundalk sites will continue to be among our largest global centres for employment and operations, supporting our customers.
"We will continue to employ well over 2,000 employees after the proposed changes."
Tánaiste and Enterprise Minister Leo Varadkar says the news is 'a real shock' to staff.
"I have spoken with the PayPal leadership team and expressed my disappointment at the decision and the impact it will have on their employees.
"The company has assured me that Paypal remains committed to Ireland and the remaining 2,000 staff the company will continue to employ here."
He adds: "I'm very conscious of the workers and their families receiving this news today.
"I know this is coming on top of what has been a very difficult couple of years for everyone and will be very worrying.
"Our goal is to create a job for everyone that wants one. Secure, well-paid, sustainable jobs located in every county in the country.
"The Government will make all necessary State assistance available to the workers, to help them find new employment, education and training opportunities as soon as possible".