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
2,500 jobs Number of planned job losses
Announcement Date
8 March 2012
Employment effect (start)
1 April 2012
Foreseen end date
Description
Allied Irish Banks (AIB), a Dublin-headquartered bank and financial service provider, plans to cut 2,500 jobs across its UK and Irish Republic workforce. This represents around 19 per cent of the group's workforce. It is expected that at least half of the job losses will occur this year.
The restructuring takes place with the intention of saving 170 million Euros in staffing costs.
A consultation process has begun with unions about the terms of severance. The bank hopes to achieve the cuts through voluntary redundancies, but other options will be considered if the desired savings cannot be made this way.
In early 2011, the bank had announced to cut 2,000 jobs in Ireland alone (see here).
Sources
8 March 2012: RTE
8 March 2012: Allied Irish Banks Investor Relations announcement
8 March 2012: BBC News
Citation
Eurofound (2012), Allied Irish Banks (AIB), Internal restructuring in European Union, factsheet number 73220, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73220.
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