Up to 400 jobs are being axed at an aircraft engine maintenance plant.
Lufthansa Technik Airmotive in Rathcoole in Co Dublin has announced it plans to close the facility.
The blow came within an hour of news that 700 finance jobs will be created at Deutsche Bank in Dublin in the coming years.
In a statement Lufthansa Technik Airmotive Ireland (LTAI) said it will begin immediate negotiations with trade unions representing workers at the jet engine overhaul facility.
It said the move follows an extensive review of operations at LTAI, in the context of declining revenues and shrinking international market opportunities.
Wolfgang Moerig, managing director of LTAI, praised the workforce for their contributions over the years, and expressed regret that the company was now at this point.
He said the increased quality and efficiency of the new generation of aircraft engines meant there was a reduced need for overhaul.
Airmotive Ireland was set up by Aer Lingus in 1980 with Lufthansa Technik taking a 60% shareholding in 1997 and full ownership in 1999.
It has since specialised in the repair and overhaul of CFM56-3, CFM56-7, V2500-A5 and JT9D engine types.
Earlier Deutsche Bank said it plans to grow its operations in the capital by taking 100,000 square feet of office space at EastPoint Business Park for a new Regional Hub and Centre of Excellence.
Hiring will begin in 2014.
Jobs Minister Richard Bruton said financial services jobs were supported by his department through IDA Ireland and were a huge vote of confidence in the sector and in Ireland’s economy.
“This is a sustainable, export-driven industry where Ireland has developed major strengths and we have put in place important changes to target substantial jobs growth in the coming years,” he said.
The finance jobs boost came weeks after Danske Bank, formerly National Irish Bank, announced 150 jobs cuts as it pulls all but its corporate services out of the Irish market.
ACC Bank also plans to close all its branches and business centres with the loss of about 180 jobs.
Deutsche Bank has been in Ireland since 1991 and already employs 330 people at two offices in Dublin.
Founded in Berlin in 1870 to promote and facilitate trade relations between Germany, other European countries, and overseas markets, Deutsche Bank employs around 100,000 staff in more than 70 countries worldwide.
Management said it is focused on recruiting the best talent in Ireland as it already has enduring relationships with local universities which it will continue to nurture.
The new posts will be filled by 2017.
Barry O’Leary, chief executive of IDA Ireland, said: ”Deutsche Bank is one of Europe’s most dynamic financial institutions and this expansion at EastPoint will significantly bolster Ireland’s financial services sector
“Deutsche has successfully built up a strong operation in Ireland over the last 20 years, and these plans to create a new Centre of Excellence in Dublin will confirm Dublin’s position as a significant European financial hub.”