Bank of Ireland sees about 2,000 staff apply for voluntary redundancy

Irish Times | Sep 26, 2020 at 8:00 AM
  • The group must now weigh carefully what percentage of the applications it can afford to accept in the coming months without affecting its branch network or staffing in key areas such as handling problem loans as Covid-19 payment breaks roll off.
  • Bank of Ireland announced in early August that it planned to cut its workforce from 10,400 to 9,000 over time as the ongoing squeeze on lenders’ incomes from an extended period of ultra-low interest rates and muted demand has been exacerbated by the Covid-19 crisis.
  • It subsequently emerged that Ulster Bank’s parent, NatWest, is considering closing down the Irish unit as it weighs up strategic options for the business which has been dogged for years by low profitability and returns.