The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
266 jobs Number of planned job losses
Announcement Date
10 September 2020
Employment effect (start)
Foreseen end date
Description
Ulster Bank announced a redundancy programme to cut 213 roles in the Republic of Ireland. This is due to low earnings on interest rates and bad loans, some of which are a result of COVID-19. The redundancies will be implemented on a voluntary basis.
Meanwhile, reports have suggested that the UK parent company of Ulster Bank - NatWest - is to consider completely winding down the bank in the Republic of Ireland. The Financial Services Union (FSU) commented that the decision was unexpected on the basis of previous talks and it has launched a campaign to save the bank.
Sources
Citation
Eurofound (2020), Ulster Bank, Internal restructuring in Ireland, factsheet number 102177, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102177.
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