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Wednesday, January 20, 2021

Bank of Ireland set to cut 1,400 jobs after substantial half-year losses

Bank of Ireland has indicated that it is to cut around 1,400 jobs across its network.

A spokesperson for the bank said it had launched a voluntary redundancy programme that would see staff numbers reducing to fewer than 9,000 from a current workforce of 10,400.

The bank reported a loss of €669 million before tax for the first six months of the year, after putting aside €937 million, mainly to cover losses related to Covid-19 loan repayment breaks.

In its half year results, the bank said Covid-19 had a material impact on the group’s financial performance and outlook.

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