Union: 4,000 banking jobs may be lost

WITH MBNA yesterday announcing the latest job losses in the finance sector, the country’s main finance union IBOA has predicted that a further 4,000 jobs could go from banking in only the next six months.

The MBNA credit company blamed its decision to axe 66 of its 1,000 roles at its operations in Carrick-on-Shannon on the economic downturn.

IBOA general secretary Larry Broderick said they were the latest of 6,000 finance jobs lost over the last 18 months and he called on Enterprise Minister Batt O’Keeffe to not only support calls for clarifications from banks as to their future intentions, but also to put a jobs strategy in place focussed on retaining jobs and redeploying people where necessary.

One area of focus for the union is AIB, amid fears it may follow the example of Bank of Ireland which recently announced it was getting rid of 750 positions over the next two years.

“AIB is going to go through a major restructuring programme,” said Mr Broderick. “There are huge rumours out there. I am not going to speculate but the number there would be significant. We are also trying to convince them not to sell off First Trust Bank and AIB UK.”

Mr Broderick said it was not just the big two banks his union was speaking to.

“We are engaging with everybody in the finance industry at the moment, both foreign and Irish banks. The talks are about restructuring plans. But what is clear is that banks are mismanaged. Our members will pay the ultimate sacrifice and it is our job to protect as many jobs as possible and if there are going to be redundancies that they be on a voluntary basis.”

Mr Broderick said the banking sector was not all doom and gloom however. He said there are a number of opportunities opening up for finance professionals.

“We have identified this to the minister. There is a serious gap of credit in the industry at the minute and there are opportunities there. NAMA are looking for individuals. We hear on a daily basis how the public at large are financially challenged and they need to be supported and we believe that is why a job strategy is key at this point in time.”