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Business: Anglo to shed 350 jobs in cuts

UNIONS at Anglo Irish Bank are locked in talks with management following the announcement that up to 350 employees could be let go. The bank has plans to slash its workforce by 27pc by the end of 2012.

It said it hoped to achieve the job cuts via a voluntary redundancy scheme, but did not rule out compulsory cuts.

It is not yet clear what redundancy terms will be offered to staff.

General secretary of the IBOA, Larry Broderick, (left) called on Anglo to pay the industry norm -- six weeks per year of service plus statutory payments, up to a maximum of 130 weeks.

Anglo and Irish Nationwide are operating under the Irish Bank Resolution Corporation name since their merger was approved earlier this year.

This latest announcement is the first wave of job cuts as Anglo moves towards winding down.

The embattled bank will eventually wind down its various loan books over the next decade and sell off its Irish wealth-management division as part of plans to gradually stop operating.

Anglo has operations in Dublin, Galway, Limerick, Waterford, Belfast, London, Manchester, New York and Boston. This includes the Irish Nationwide head office in Dublin.