Allied Irish Banks (AIB)
Location of affected unit(s):
Irish Republic and UK
Financial and insurance activities
64.1 - Monetary intermediation
Planned Job Reductions min:
Planned Job Reductions max:
Type of Restructuring:
Employment Effect Start:
Allied Irish Banks (AIB), a Dublin-headquartered bank and financial service provider, plans to cut 2,500 jobs across its UK and Irish Republic workforce. This represents around 19 per cent of the group's workforce. It is expected that at least half of the job losses will occur this year.
The restructuring takes place with the intention of saving 170 million Euros in staffing costs.
A consultation process has begun with unions about the terms of severance. The bank hopes to achieve the cuts through voluntary redundancies, but other options will be considered if the desired savings cannot be made this way.
In early 2011, the bank had announced to cut 2,000 jobs in Ireland alone (see here).
08-03-2012Allied Irish Banks Investor Relations announcement