Monday 11 December 2017

Services will inevitably suffer as bank cuts costs

BANKING is meant to be a dull business, but right now it is making waves for all the wrong reasons. London-based Barclays is in the news for rigging the markets, Ulster Bank is making daily headlines for gross incompetence and Allied Irish Banks (AIB) is back in the news as it prepares to drastically reduce services while increasing borrowing costs.

AIB has of course been both dishonest and incompetent in the past, but yesterday's announcement was only a statement of the inevitable and customers and staff must now pay the price of bad decisions made years ago.

Worst hit will be those living in the countryside and those who cannot use the internet thanks to bad broadband or their reluctance to master technology.

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