Updated 22:50.
DANSKE BANK IS to begin a pullout of the personal banking market in Ireland leading to the loss 150 jobs, it was announced earlier today.
The jobs losses will be compulsory according to General Secretary of the IBOA Larry Broderick who said that the union was “shocked” by the bank’s decision.
The bank, which is formerly National Irish Bank, says the decision was taken following a review of its Irish operation from which it says it was unable to re-establish a sustainable retail banking business model.
Dankse say that there are to immediately cease offering products to new personal and banking customers and will phase out services to existing customers over the first six months of 2014.
In a statement this morning, Danske say that they intend to refocus their Irish business on corporate and institutional clients.
The bank had previously announced that it was to close its branches across the country in favour of nine ‘advisory centres’ to deal with customer queries.
The decision follows last week’s announcement from ACC Bank that it was also withdrawing from standard banking products with the loss of 180 jobs.
Speaking to TheJournal.ie this morning, IBOA general secretary Larry Broderick said that today’s announcement represented a “sad day for banking in Ireland”.
He says the union intends to lobby the Government to get them to pressure Dankse to reverse their decision as it “sends a bad message about Ireland as it intends to leave the bailout soon”.
As part of negotiations with Dankse, he also says that the IBOA intends to push for the terms of jobs losses to be changed so that they are voluntary and not compulsory.
First published 08:21,
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