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Banking professionals facing redundancy

Banking professionals facing redundancy

Hundreds of professionals in the banking sector are facing redundancy, it has emerged today (May 18th).

Members of staff at the Bank of Ireland have been informed of job loss plans in a conference this afternoon and it is thought that more than the 750 positions expected to be cut will be removed.

The financier announced it would be making 750 job cuts in order to restructure its operations two years ago and it has now emerged that more than 1,000 additional positions are under threat.

It is thought all people leaving the bank will be given a redundancy package of three weeks' pay for every year they have worked at the organisation.

Larry Broderick, general secretary of the Irish Bank Officials Association, commented that this process should make it clear that a review is needed to prevent such heavy job losses in the future, but added: "They are the best [terms] that can be achieved in all the circumstances."

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Posted by Trusha Vyas.