Belfast Telegraph

Hundreds of Ulster Bank jobs facing axe

By Peter Flanagan

Ulster Bank could cut up to 1,000 jobs from next month once its parent company has completed a review of its business.

Ulster Bank's owner, Royal Bank of Scotland (RBS) is carrying out a full review of its operations, and will announce its plans for Ulster Bank when it publishes its 2013 results later this month.

Last week, Ulster Bank chief executive Jim Brown told a Westminster inquiry into banking in Northern Ireland that more branches will close.

The number of those shutting is expected within weeks.

Weekend reports indicate that as part of that review, RBS is expected to significantly reduce departments in Ulster Bank.

In the Republic, some 400 staff in the corporate debts section and another 350 in its mortgage management unit are considered vulnerable. Six jobs look set to be cut from its mortgage arrears unit in Belfast.

RBS, which is 81% owned by the Government, is under pressure to cut its costs and is set to transfer billions of euro worth of bad loans out of Ulster Bank and into an internal 'bad bank'.

Belfast Telegraph

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