Wednesday 24 January 2018

More banking pain on the way

THE malign influence of the banking collapse has engulfed the staff of Bank of Scotland Ireland (BoSI) where there are to be massive lay-offs. There will be many compulsory redundancies as the bank sheds 750 jobs from its retail network. Some 850 people are to continue working in its corporate and commercial banking sectors.

It was inevitable that more bank jobs would fall victim to the recession, just as hundreds of private companies have been forced to let people go, or have been driven out of business.

Last year, Ulster Bank revealed plans for lay-offs on a similar scale to this, but the sheer number of the BoSI staff affected, together with the blunt nature of the announcement, are quite shocking. The bank's chief executive said that its Halifax retail network, a "fledgling operation", had been "side-swiped" by the economic downturn. Can the Government do anything?

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