The decision by Bank of Ireland to relocate a regional headquarters to Kilkenny has been met with an angry response from business and political leaders in Waterford.
Bank of Ireland made the decision after the region was expanded to include Offaly and Laois. It said this was a move to best serve the new region.
The Mayor of Waterford, Cllr Oliver Clery, believes that, regardless of the small numbers of personnel involved, the move reflects badly on a city, which is meant to be the region's capital.
"The word regional is very important. It doesn't matter if there are only four, five or six people working in that office. We are the regional capital, and we can't see why the regional office can't be located here."
The Progressive Democrats councillor stressed that Waterford must be recognised by financial institutions as the regional capital of the south-east.
"The bank has the right to move, but it does not mean it is acceptable to us. Bank of Ireland is an established business in this city, and it has made substantial profits from the businesses in this city."
Ms Clery added that Waterford businesses must let their feelings be known.
The Waterford Chamber of Commerce president, Mr Bobby O'Keeffe, expressed regret at the decision. "We feel it is just a negative step. Waterford still is the largest business centre in this region; therefore an institution such as Bank of Ireland should have their regional office here."