Ulster Bank to cut 813 more jobs ahead of Irish market exit
Ulster Bank has announced a further 813 redundancies as part of the bank’s upcoming withdrawal from Ireland.
Employees at the bank have been invited to apply for the voluntary redundancy programme during a two- week window, which commenced today.
Staff can also enter a period of redeployment where they have the option of looking for another role within the bank on either a short or longer term basis.
Those impacted are set to leave the business over the next year. Ulster Bank said it expects work to cease or significantly diminish in this time, with the timing of staff exits aligned to business needs.
“This programme will see colleagues leave the bank as their work ceases or significantly diminishes over the course of 2023 and 2024, and we expect there will be no further bank-wide redundancy programmes this year,” chief executive Jane Horward said.
“Each redundancy programme announcement is a significant moment for our bank, with a personal impact for our colleagues and I reiterate my ongoing and sincere gratitude to colleagues for the dedication they have shown and for the important work and support that they continue to provide to our customers and each other,” she added.
Financial Services Union head of industrial relations Gareth Murphy said that it was a “sad and difficult day” for all remaining staff and their families.
He said the union had managed to secure improved redundancy terms, with some employees transferring to other retail banks.
“These are very skilled, professional staff, who know and understand the financial needs of business and people. It is important their knowledge and skillsets are not lost to the wider financial services sector,” Mr Murphy said, pointing to staff shortages in Irish banks.
“There can be no excuses offered or accepted for any retail bank to say they are having problems recruiting trained staff,” he added.
Last November, Ulster Bank revealed plans for its first redundancy programmes.
The bank said at the time it expected 600 staff to depart by March, with others moving to work with Permanent TSB and AIB following the acquisition of Ulster Bank assets.
Ulster Bank closed its remaining 63 branches in Ireland last month.