Ulster Bank has announced that costs have to be reduced which will result in 266 jobs being cut which amounts to just under 10% of its workforce.
Of the 266 jobs that were cut, 213 positions were in the Republic of Ireland while the remaining 53 were in Northern Ireland.
The bank has stated that it hopes to achieve its cost reductions on a voluntary basis where possible.
The bank made a statement that some people would be put at risk because their role is no longer there, however it added that “We are working to minimise this and to ensure that they are aware of other opportunities for redeployment in the bank,”.
Although jobs are being cut, the bank stated that 57 new roles are being created with 29 of them being in the Republic of Ireland and 28 in Northern Ireland.
Ulster Bank had reported a €276 million operating loss for the six months to the end of June.
