Belfast Telegraph

Bank of Ireland cost-cutting would cull 15% of top staff

By Andrew Madden

Bank of Ireland is planning to cut 15% of its managers and directors to tackle costs, according to reports.

The bank's chief executive, Francesca McDonagh, pledged in her first briefing with analysts a month ago to reduce costs at the group this year and improve efficiency.

Bank of Ireland's aim is to cut its cost base to less than 50% of its income over time.

According to the Irish Times, 15% of the bank's managers and directors are to be culled, in a move that could lead to the elimination of up to 200 jobs across Ireland and the UK.

In Northern Ireland, the bank currently operates 28 branches, following the closure of six locations here last year.

The bank's staff count has fallen by almost 30% since 2008 to about 11,200, including employees who left under a voluntary redundancy plan initiated in 2012.

"We don't comment in relation to staffing matters. However the bank's voluntary parting scheme is available to employees and has been for some time," a spokesman for the bank said.

"We have previously stated that one of our key strategic priorities is transforming the bank, which involves simplifying and streamlining the organisation for the long-term sustainability and competitiveness of our business."

The Financial Services Union, which represents staff working in the finance sector across Ireland, said it had not been informed of any "specific proposals" regarding staffing at senior levels.

"All FSU members in Bank of Ireland are protected under our longstanding change management agreement," FSU senior relations officer Maeve Brehony said. "This agreement has been central to avoiding any compulsory redundancies in the bank and retaining jobs.

"This job security is important to our members and ensures that any potential staffing changes occur on a voluntary basis."

Belfast Telegraph

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