Allied Irish Bank (AIB) is seeking to reduce its workforce by one quarter by the end of 2022. On 6 March 2020, the Bank signalled it is planning around 1,500 job cuts, which would bring its total workforce to below 8,000 in three years. The forthcoming redundancies will be pursued through retirement schemes, voluntary redundancy, and people pursuing careers elsewhere.
The Bank's CEO said the reductions were needed as the work intensity decreased in some core bank services, such as mortgage arrears.
AIB's profit before tax dropped by 60% to €499 million, largely because of €300 million for 'additional provisions to meet potential further liabilities', such as the Bank's involvement in the tracker mortgage controversy, according to the representatives.