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
175 jobs Number of planned job losses
Announcement Date
4 December 2019
Employment effect (start)
4 December 2019
Foreseen end date
8 January 2020
Description
Ulster Bank is seeking up to 175 voluntary redundancies from its managerial grades.
The Bank recently announced it was opening a targeted voluntary severance scheme aimed at reducing the number of managers at its head office in Dublin, by around 25%. It currently has 658 employees at managerial level. The severance programme is not open to its branches. Ulster Bank employs 2,973 people in Ireland.
The redundancy progamme is being used so as to "manage costs" and improve the Bank's "cost income ratio in a low interest rate environment".
Ulster Bank's chief executive Jane Howard also said the Bank's current management structure "is unnecessarily complex".
Eurofound (2019), Ulster Bank, Internal restructuring in Ireland, factsheet number 99299, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99299.
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