Ulster Bank urged to explain job loss plans

Ulster Bank urged to explain job loss plans

Finance union leaders have called on Ulster Bank executives to publish the fine print on its plans for 950 redundancies after they agreed a new package of severance terms.

The Irish Bank Officials Association (IBOA) said there was an onus on management to explain possible branch closures and cuts to front desk and back office operations on the back of the deal.

Larry Broderick, IBOA general secretary, called for openness to allow staff to consider redundancy or early retirement.

“The onus is now on the Bank to set out in detail – for the benefit of customers as well as staff – the full implications of all aspects of its plans,” he said.

“The full details of its restructuring plan has still to be clarified. This is essential to enable staff to make an informed decision about whether they should remain with Ulster Bank or leave at this time.”

Ulster Bank, a subsidiary of the Royal Bank of Scotland (RBS), announced 950 job losses in January.

RBS, which cut 3,500 jobs from its investment wing at the start of the year, has been refinanced with £45.5bn (€56.8bn) of British taxpayers’ money and is more than 80% state-owned.

Following several weeks of talks with the IBOA, Ulster Bank has agreed to offer redundant staff four weeks pay for every year of service, an early retirement option and additional provisions to protect the terms and conditions of remaining staff with a focus on relocation and redeployment.

The IBOA said it expects to hear further announcements across the banking sector in Ireland in coming days including from Allied Irish Banks, which is in consultation with staff over 2,500 job cuts.

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