Prospect of industrial strife as bank cuts staff share bonuses by €24m

BANK of Ireland plans to withhold €24 million in staff share bonuses in a move that could cause industrial strife.

The bank’s senior executives recommended the staff stock issue for its 16,000 employees should be cut from 6% to 3%. The Irish Bank Officials Association (IBOA) said that was despite the bank’s annual group profits which, at almost €1.8 billion, were up 6% on last year.

The average senior bank official earns €50,000 a year. Annually, that official would receive an additional 6% of salary — €3,000 — in shares under the staff stock issue.