Bank of Ireland

Type
Internal restructuring
Country
Ireland
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.11 - Central banking
1,700 jobs
Number of planned job losses
Job loss
Announcement Date
23 March 2005
Employment effect (start)
Foreseen end date

Description

Bank of Ireland will shed up to 1,700 of the 12,000 jobs in its operations in the Republic of Ireland over the next four years in a bid to cut some €120 million a year from its cost base. A further 400 jobs are to go at its British and Northern Irish businesses. The bank also said it would close 10 branches as part of the restructuring.

The State's second-largest bank said it could not rule out compulsory redundancies if it failed to achieve its target of cutting 2,100 jobs, or 12 %, of its 17,000-strong workforce by 2009.

The Irish Bank Officials Association (IBOA) warned that any move to force people out of jobs would be resisted.

Sources

  • 23 March 2005: The Irish Times

Citation

Eurofound (2005), Bank of Ireland, Internal restructuring in Ireland, factsheet number 61558, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61558.