DUBLIN: Bank of Ireland is seeking to axe more than 1,000 jobs in a voluntary redundancy deal, as part of cost-cutting measures at the group, it said on Friday.
"The overall number of people which we need to employ will regrettably reduce," chief executive Richie Boucher said in a statement.
The bank added that the deal will apply "in specific areas affected by business change across the group in the Republic of Ireland, Northern Ireland and Great Britain".
The government owns 15.1 per cent of the bank. It is only lender to avoid nationalisation as a result of Ireland's economic crisis following a property bubble collapse.
The bank had announced 750 jobs cuts over two years ago. After 350 staff left, the scheme was put on hold as the finance ministry wanted the redundancy terms to be brought in line with schemes in the public service.
"We have now agreed a package today to facilitate over 1,000 staff to leave on a voluntary basis," said Irish Bank Officials Association (IBOA) general secretary, Larry Broderick.
"This is a very, very challenging day for staff in Bank of Ireland," he told RTE state radio. Broderick said Bank of Ireland employed up to 16,000 four years ago and this would be reduced to about 10,000 under the re-structuring.
The IBOA will be recommending the deal to members in a forthcoming ballot.
indiatimes.com
"The overall number of people which we need to employ will regrettably reduce," chief executive Richie Boucher said in a statement.
The bank added that the deal will apply "in specific areas affected by business change across the group in the Republic of Ireland, Northern Ireland and Great Britain".
The government owns 15.1 per cent of the bank. It is only lender to avoid nationalisation as a result of Ireland's economic crisis following a property bubble collapse.
The bank had announced 750 jobs cuts over two years ago. After 350 staff left, the scheme was put on hold as the finance ministry wanted the redundancy terms to be brought in line with schemes in the public service.
"We have now agreed a package today to facilitate over 1,000 staff to leave on a voluntary basis," said Irish Bank Officials Association (IBOA) general secretary, Larry Broderick.
"This is a very, very challenging day for staff in Bank of Ireland," he told RTE state radio. Broderick said Bank of Ireland employed up to 16,000 four years ago and this would be reduced to about 10,000 under the re-structuring.
The IBOA will be recommending the deal to members in a forthcoming ballot.
indiatimes.com
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