EMCC European Monitoring Centre on Change

Allied Irish Bank (AIB)

Company/Organisation:
Allied Irish Bank (AIB)

Geographic Location

Country: Ireland
Location of affected unit(s): nationwide

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 9800

Employment Effects

Announcement Date: 02-10-2019
Planned Job Reductions min: 200
Planned Job Reductions max: 200
Type of Restructuring: Internal restructuring
Employment Effect Start: 02-10-2019
Foreseen End Date: 18-12-2019
Other Job Reduction Measures: 200

Additional Information

Allied Irish Bank (AIB) is seeking 200 voluntary redundancies nationwide as part of its ongoing restructuring. The job reduction measures are expected to be completed by 18 December 2019. They are driven by resource saving concerns in period of low-interest rates and falling profits. The bank has offered 3 or 4 weeks' pay compensation per year of service, depending on the length of workers' tenure, plus statutory redundancy. AIB employees have few weeks to consider applying for redundancy. 

Allied Irish Bank currently employs around 9,800 people, which is a significant reduction from the 25,000 employees before the economic crisis of 2009. In 2012 the bank dismissed 2,000 workers. 

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