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Dublin: 5 °C Thursday 20 February, 2020

Ulster Bank says it won't comment on potential job cuts

There is speculation that the British-owned bank could be about the shed jobs from its 5,000 strong workforce

Image: Eamonn Farrell/Photocall Ireland

ULSTER BANK HAS said it will not comment on speculation today that it is about to announce a new round of job losses.

Reports from Bloomberg and Reuters indicate that job cuts are set to be announced shortly by the British-owned bank which currently employs around 5,000 staff in the Republic and Northern Ireland.

A spokesperson for the bank told this afternoon that “it’s all speculation”.

“If there is every any announcements they would be made to staff first. We don’t comment on speculation,” they added.

The subsidiary of the UK based Royal Bank of Scotland – which is majority owned by the British taxpayer – shed 1,000 jobs in Ireland in 2009 following the financial crisis.

It is estimated that the economic crisis has cost some 6,000 jobs in local and foreign lenders servicing the Irish economy over the past four years.

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.

It is also reported by Reuters that the British operation will shed some 4,000 investment banking jobs as part of an overhaul of its business.  RTÉ reports this afternoon that management at Ulster Bank are currently in discussions with unions on the matter.

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Hugh O'Connell

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