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Irish financial workers facing redundancy

Irish financial workers facing redundancy

A number of finance employees at Ireland's third largest bank may be facing redundancy after a series of job losses were announced.

Anglo Irish Bank is to lay off 230 employees as part of the first stage of a redundancy programme.

In total, around 450 workers could leave the financial institution, which was nationalised in January after suffering as a result of the recession.

The majority of the jobs are to go in Ireland, while 95 will be lost in the UK and 25 in the US and around Europe.

According to AFP, chief executive of the bank Mike Aynsley said that it is to undergo extensive changes in the coming months.

He was quoted as saying that the "first phase of a programme intended to reduce the cost base of the operation and improve efficiency".

Anglo Irish's overseas operations currently take place in Germany and Austria, as well as the US, the Isle of Man and Jersey.