BANK OF IRELAND expects to cut 260 jobs by the end of the year and further redundancies are expected in 2026.

In a statement to The Journal, a Bank of Ireland spokesperson said: “As we set out in February at our 2024 Annual Results, Bank of Ireland will become a leaner and more efficient organisation over the period ahead.”

The spokesperson said the bank doesn’t have a “headcount target” but expects the “headcount to reduce over the next two years”.

By the end of this year, Bank of Ireland expects to reduce its workforce by 260 through a redundancy programme.

Meanwhile, the spokesperson said that the bank will not replace some of those who may resign or retire.

Further job losses are expected next year and this is said to be part of a bid to keep running costs at €2 billion in both 2026 and 2027.

“But all the way along with this change, we will continue to invest in our people so that we can future-proof the company for a sustainable future,” said the spokesperson.

An interim report for the first half of 2025 which was published today showed that Bank of Ireland’s net profit fell to €608 million – down from €877 million the year previous.

The report also found that costs were 3% higher than during the same period last year, “with higher staff and other costs partly offset by efficiencies”.

Staff costs, excluding pensions, stood at €450 million, €20 million higher than the first half of 2024.

As of the end of June, the number staff employed by Bank of Ireland was 11,268, which is 215, or 2%, higher when compared to the 11,053 in the first half of 2024.

Elsewhere, in its interim report Bank of Ireland described the first half of the year as a “period of significant volatility following announcements from the US administration on proposed trading tariffs”.