ULSTER BANK IS expected to announce a large number of job cuts today, with speculation that the figure could be greater than 500.
Union officials have said there will be a “substantial reduction” in Irish employee numbers and warned of a “bad day” for staff.
Larry Broderick, leader of the Irish Bank Officials Association, told RTÉ Drivetime: “We still don’t know the exact number.” He said the bank had told the union they are committed to remaining in Ireland.
An unnamed source also confirmed to Reuters that jobs at Ulster Bank would be cut. The number is widely reported to be over 500, with union sources telling the Irish Independent they fear it could be as high as 900.
A spokesperson for the bank yesterday told TheJournal.ie that the reports were “all speculation”, and that any announcement would be made directly to staff.
Meanwhile, Ulster Bank’s UK parent company Royal Bank of Scotland has announced it will cut 3,500 jobs in its investment banking arm. RBS will split its big-business banking services into separate arms, and close or sell other areas of the business, the BBC reports.
Last month it was revealed that the Ulster Bank lost €925 million in deposits after the government introduced a bank guarantee for six of its competitors in the Irish market.