Fears for 500 job losses at Ulster Bank in new blow
STAFF at Ulster Bank are gearing themselves up for about 500 job losses at the Royal Bank of Scotland subsidiary.
Union representatives met with management at Ulster Bank today amid the fears while the losses will be announced tomorrow.
The bank said it would not comment on speculation but Larry Broderick from the Irish Bank Officials Association said the losses would be “substantial.”
The bank currently employs 6,000 people on both sides of the border.
RBS was an aggressive lender during the property boom and has been saddled with debts associated with the lending.
It bought Ulster Bank in 2000 and later bought First Active - it announced 1,000 job losses in 2009.
RBS, which is partly owned by the British Government, is expected to announce up to 4,000 group-wide banking job losses tomorrow as part of a restructuring to achieve savings.