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
550 jobs Number of planned job losses
Announcement Date
26 January 2009
Employment effect (start)
Foreseen end date
Description
Ulster Bank has announced that up to 750 staff are to be made redundant across Ireland. The bank wants 550 redundancies in the Republic of Ireland, and a further 200 in Northern Ireland. The redundancies will be 'voluntary', and bank management are in negotiations with trade unions on an appropriate severance agreement. Furthermore, Ulster Bank's operations in First Active are to cease, and First Active will be merged into Ulster Bank. This will result in the closure of 45 First Active branches and the other 15 will be incorporated into Ulster Bank. Significantly, the redundancies amount to more than 10 per cent of the 7,000 staff employed at Ulster Bank and First Active, which are owned by UK bank Royal Bank of Scotland (RBS).
Sources
27 January 2009: The Irish Times
Citation
Eurofound (2009), Ulster Bank, Internal restructuring in Ireland, factsheet number 68004, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68004.
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