Monday 27 January 2020

More bank jobs to go by year end, Boucher warns

BANK of Ireland warned that it would have to cut more jobs before the year is out -- but sources insisted there are no plans for another major redundancy programme.

The bank still has another 400 cuts to go on a 750-strong redundancy programme announced in 2009.

Those cuts have been stalled for several months after the Department of Finance objected to the "four-weeks salary plus two year statutory pay" deal agreed with unions.

Talks with the Department on an appropriate package are ongoing, with some sources describing negotiations as at a "stalemate". Yesterday CEO Richie Boucher told the AGM it was "clear" that as the bank reduced its size "we may need to have less people working for us in the future".

"It's fair to assume that there will be less people working in Bank of Ireland next year than there are today," he added. "We have to deal with that on the basis of being fair to all involved . . . and have a redundancy programme that ensures the bank's operations run smoothly."

Any further BoI cuts will come as a blow to the sector that is already bracing itself for over 2,500 imminent job losses at AIB and about 650 cuts at Ulster Bank.

Irish Independent

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