The announcement of over 300 job losses at BNY Mellon’s Wexford site has left many families facing an uncertain future.
Dr. Ray Griffin, an expert on regional development, voiced his concern over the devastating impact of these layoffs, not only for the workers directly affected but for the wider Wexford economy.
“Today is a devastating day for Wexford and the families involved,” said Griffin. “We’re seeing the consequences of long-standing issues with foreign direct investment in the Southeast, particularly in Wexford. These job losses are a stark reminder of the challenges our region faces.”
Dr Griffin, who is a senior lecturer in Strategic Management at SETU pointed to the fact that Wexford, despite its potential, has been underperforming in attracting FDI. He said that while the region should have approximately 10,000 IDA jobs, it currently only has 3,700. These are the high-quality, well-paying jobs that are vital to the local economy, and the region’s failure to secure more of them has led to a lack of opportunities for residents.
He further questioned why Wexford has once again been hit hardest by these job cuts while other locations like Cork and Dublin remain unaffected. “BNY Mellon’s decision to focus cuts on Wexford highlights the larger issue of regional inequality. Cork and Dublin are flourishing with FDI, but Wexford continues to struggle,” Dr. Griffin explained.
The core issue, according to Dr. Griffin, is Wexford’s regional brain drain. “Wexford is losing a significant portion of its educated youth. Of the thousands of students who graduate from schools in the region, many leave for cities like Dublin, Cork, and Galway, where the majority of multinational companies are located,” he said. “This outflow of talent leaves Wexford at a disadvantage when it comes to attracting investment and creating high-quality jobs.”
Dr. Griffin has also criticized the IDA for not doing enough to support Wexford’s economic growth, pointing out that the region lacks the infrastructure and resources to compete with other parts of the country. “The government has spent billions on capital projects, but very little of that has been invested in Wexford,” he said. “Without the necessary investments in education, transportation, and infrastructure, Wexford will continue to fall behind.”
The loss of BNY Mellon’s jobs is expected to have a significant ripple effect on the local economy. “These are good-paying jobs that supported many other businesses in Wexford, from restaurants to service industries,” Griffin noted. “With these jobs gone, we will likely see a decrease in consumer spending, which will further depress the local economy.”
“We need to see real, concrete investment in the region—investments that will create lasting jobs and make Wexford an attractive location for multinational companies,” he said. “The message needs to be clear: Wexford deserves more.”
