Thursday 19 January 2017

AIB to hire more senior staff as Byrne embarks on internal reshuffle

Peter Flanagan and Gavin McLoughlin

Published 14/02/2016 | 02:30

AIB chief executive Bernard Byrne
AIB chief executive Bernard Byrne

AIB is embarking on an internal reorganisation as chief executive Bernard Byrne seeks to reduce the bank's complexity.

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Staff were informed of the changes in a memo from Byrne seen by the Sunday Independent.

The move will see the state-owned bank hire more senior staff, but the exact number of hires is not yet finalised. It will also see the bank's UK arm review its business model.

"One of the key actions in delivering a customer-first strategy is ensuring we organise ourselves correctly. We need to drive simplicity across the organisation, reduce complexity and focus our capabilities on delivering our key priorities," Byrne, who took over as chief executive from David Duffy last summer, said in the memo.

He said the biggest change will be seen in the bank's retail, corporate and business banking division as the bank's management "continue to evolve the organisation, bringing together business and retail banking to make us more effective in how we engage with customers in our local markets".

"AIB UK is currently reviewing its business strategy and operating model and any implications as a result of this will be decided and communicated in due course," said Byrne.

"Many areas will be announcing new structures including appointments and leadership vacancies. A significant number of senior opportunities will be advertised over the coming weeks and will be open to all staff across the organisation.

"These announcements represent a good degree of change which we believe is appropriate to help successfully execute our strategy. They create opportunities for progression and cross-functional mobility. As an organisation, we have proven we can maintain momentum in the business as we implement change, and we must continue to do that now to best serve our customers and deliver value to our stakeholders.

"Thank you, and the best of luck to everyone involved in these important changes."

The bank is due to publish its financial results for 2015 on March 3.

In 2014 it made a pre-tax profit of €1.1bn, compared with a pre-tax loss of €1.7bn in 2013.

In leaving the bank, Duffy wrote a letter to Finance Minister Michael Noonan saying: "I believe that I have delivered the outcome that was requested of me on my appointment, namely, to restructure AIB and return the bank to sustainable profitability."

Sunday Indo Business

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