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 - Financial service activities, except insurance and pension funding
600 jobs Number of planned job losses
Announcement Date
16 November 2022
Employment effect (start)
1 March 2023
Foreseen end date
31 December 2024
Description
Ulster Bank has opened an initial voluntary redundancy programme which will result in 600 employees voluntarily leaving the Bank from March 2023, as part of its withdrawal from the Irish market. 450 employees in the 63 branches which are closing can apply for the redundancy package agreed with the Financial Services Union. Last year Ulster Bank agreed redundancy terms with the Financial Services Union, of five weeks’ pay per year of service, inclusive of statutory entitlements, or four weeks per year, plus statutory, dependent on which is greater. 350 personal banking employees are also eligible to apply for the first round of redundancy packages. Employees can also enter a period of redeployment where they can look for another role on either a temporary or longer-term basis, the bank said. Employees at 25 branches will transfer to Permanent TSB as part of a wider deal involving employees, infrastructure and the remaining balance of the Bank's loan book.
Eurofound (2022), Ulster Bank, Closure in Ireland, factsheet number 107892, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107892.
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