Allied Irish Bank (AIB)

Type
Internal restructuring
Country
Ireland
Region
Ireland;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
200 jobs
Number of planned job losses
Job loss
Announcement Date
2 October 2019
Employment effect (start)
2 October 2019
Foreseen end date
18 December 2019

Description

Allied Irish Bank (AIB) is seeking 200 voluntary redundancies nationwide as part of its ongoing restructuring. The job reduction measures are expected to be completed by 18 December 2019. They are driven by resource saving concerns in period of low-interest rates and falling profits. The bank has offered 3 or 4 weeks' pay compensation per year of service, depending on the length of workers' tenure, plus statutory redundancy. AIB employees have few weeks to consider applying for redundancy. 

Allied Irish Bank currently employs around 9,800 people, which is a significant reduction from the 25,000 employees before the economic crisis of 2009. In 2012 the bank dismissed 2,000 workers. 

Sources

Citation

Eurofound (2019), Allied Irish Bank (AIB), Internal restructuring in Ireland, factsheet number 98796, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98796.