750 jobs to go at Bank of Scotland Ireland
Published 09/02/2010 | 15:58
About 750 workers are to be laid off at Bank of Scotland (Ireland) in a massive blow to the country's financial sector, it was revealed today.
The company's high street retail division Halifax is to shut all 44 branches here because of the recession.
Bank of Scotland (Ireland) said a business review found the bank had to alter dramatically to reflect the very difficult economic environment.
Chief executive Joe Higgins said management deeply regretted the decision to shut down part of its operation.
"We have arrived at this difficult position only after an extensive and exhaustive review of all options to secure a viable future for the bank overall and for these businesses," he said.
Mr Higgins also explained the bank would be focusing purely on corporate and commercial banking in Ireland.
"It is our greatest area of expertise and one which has a deep and developed customer base. To focus on this business is the right strategy for the company and all stakeholders," he said.
Most of the affected bank workers are facing redundancy from May.
Bank of Scotland (Ireland) insisted customers do not need to do anything and all their savings and investments remain secure.
Management is to begin writing to customers at the end of February to explain the huge cutbacks.