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 64.1 - Monetary intermediation
600 jobs Number of planned job losses
Announcement Date
11 January 2012
Employment effect (start)
Foreseen end date
31 December 2012
Description
Ulster Bank has annonuced 600 redundancies from its operations in the Republic of Ireland with a further 350 redundancies coming from its Northern Irish staff.
The bank said the job cuts will be voluntary, though it may move to impose compulsory redundancies if there is insufficient take-up of the scheme. The redundancy programme is expected to be completed by the end of 2012.
"As local and global economies continue to deteriorate, these actions are being taken as part of the bank's overall business strategy to ensure the organisation is well placed to compete effectively in the market," Ulster Bank said in a statement.
Sources
12 January 2012: The Irish Times
Citation
Eurofound (2012), Ulster Bank, Internal restructuring in Ireland, factsheet number 72983, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72983.
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