Business Irish

Wednesday 14 November 2018

Bank of Ireland to cut up to 200 jobs

Bank of Ireland CEO Francesca McDonagh
Bank of Ireland CEO Francesca McDonagh
Ellie Donnelly

Ellie Donnelly

Bank of Ireland is expected to cut as much as 15pc of its managers and executives, as CEO Francesca McDonagh aims to address costs at the bank.

Should the move go ahead, it could lead to the loss of as many as 200 jobs across Ireland and the UK, the Irish Times reports.

Those likely to be impacted by the possible job losses are those in middle manager grades, up to just under the bank’s executive committee, the paper reports.

When contacted on the matter by Independent.ie a spokesperson for Bank of Ireland said that the bank does not comment in relation to staffing matters, however that the bank’s voluntary parting scheme is available to employees and has been for some time.

"We have previously stated that one of our key strategic priorities is transforming the bank, which involves simplifying and streamlining the organisation for the long term sustainability and competiveness of our business."

Earlier this year the bank undertook an overhaul of its executive team which saw chief information officer Gavin Kelly elevated to the top job in the retail bank. It is understood the decision surprised staff. Mr Kelly was seen as a close ally of Liam McLoughlin, the former head of the retail bank, who left at the end of January.

The management shake up announced earlier this month also included the departure of three top executives, Lewis Love, group chief operating officer; Michael Torpey, head of the corporate and treasury division and Peter Morris, chief executive of governance and regulatory officer. The exits of both Mr Love and Mr Torpey were widely expected by staff.

Meanwhile corporate banking CEO Tom Hayes was drafted into the group executive committee to reflect the importance of this business, as was Steve Collier, the new executive overseeing a €900m technology overhaul- the so-called core banking systems programme.

Vincent Mulvey's role as chief risk officer, was also expanded and will see him taking on responsibilities once handled by Mr Morris.

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