EMCC European Monitoring Centre on Change

Ulster Bank

Company/Organisation:
Ulster Bank

Geographic Location

Country: Ireland
Region: Dublin; Southern and Eastern
Location of affected unit(s): Dublin

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 2973

Employment Effects

Announcement Date: 04-12-2019
Planned Job Reductions min: 175
Planned Job Reductions max: 175
Type of Restructuring: Internal restructuring
Employment Effect Start: 04-12-2019
Foreseen End Date: 08-01-2020
Other Job Reduction Measures: 175

Additional Information

Ulster Bank is seeking up to 175 voluntary redundancies from its managerial grades.

The Bank recently announced it was opening a targeted voluntary severance scheme aimed at reducing the number of managers at its head office in Dublin, by around 25%. It currently has 658 employees at managerial level. The severance programme is not open to its branches. Ulster Bank employs 2,973 people in Ireland. 

The redundancy progamme is being used so as to "manage costs" and improve the Bank's "cost income ratio in a low interest rate environment". 

Ulster Bank's chief executive Jane Howard also said the Bank's current management structure "is unnecessarily complex".

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