Fears banking job cuts will eventually soar to 12,000

It is now feared banking jobs cuts will soar to as many as 12,000 since the start of the financial crisis.

Unions representing rank-and-file bank staff have warned the 6,000 lay-offs from around the time of the state banking guarantee in September 2008 will likely double over the coming few years.

Seamus Sheils, spokesman for the Irish Banking Officials Association, said lower paid workers in the industry felt they were being sacrificed while those who caused the collapse continued to live a life of luxury.