350 jobs to go at Bank of Ireland in UK

Bank of Ireland is to cut 350 jobs in the UK as it merges two independent financial advice business, it was announced today.

The redundancies represent 40% of staff its two UK IFA subsidiaries Chase de Vere Investments and MX Financial Solutions.

While the two subsidiaries employ staff across the UK, major centres where staff are currently situated include Bristol, Bath and London.

The bank said the merged company would operate under the Chase de Vere Investments name.

Chief executive Mike Soden said: “In the current depressed investment climate, it is important to focus our efforts behind behind our strongest IFA asset.

“Chase de Vere Investments is a powerful brand which commands strong customer and market endorsement.”

A spokesman for Bank of Ireland added: “By bringing two businesses together, jobs will go to those who are best suited to them, it is not a question of only one company bearing the brunt of the losses.”

The cuts are the subject of a three month consultation period which has just begun and the process is expected to be complete by June 1.

Bank of Ireland said an exceptional restructuring charge of £95m (€140m) would include £80m (€117.8m) goodwill impairment and £15m (€22m) made up by redundancy payments and other costs including writing off redundant assets such as computer systems.

The new company will offer both corporate advisory services and individual investment advice.

Mr Soden added: “The rationalisation announced today will tailor our IFA activities more effectively to the current investment climate, while ensuring that Chase de Vere Investments is well positioned for future growth.”

Shares were down 0.25p at 10p.