BNP Paribas Real Estate is understood to be considering the closure of its Manchester operation.
The Cardiff office could also be shut under the proposals which are part of a wider restructuring plan designed to cut 70 positions.
Place reported on January 3 that the Paris-headquartered firm was looking to make redundancies but it was unclear how the Manchester team would be affected.
It has since been reported that the closure proposal was put to staff at both offices earlier in the week. The move would lead to the loss of 15 to 20 jobs.
BNP Paribas' spokesperson declined to comment. The Manchester office is based in the Aurora building on Princess Street.
The firm also has regional offices in Southampton, Bristol, Birmingham, Sheffield, Leeds, Newcastle and Edinburgh.