Bank silent on report of 1,000 job losses

Ulster Bank is refusing to comment on reports that it is considering letting up to a fifth of its Irish workforce go as part of a restructuring of its parent bank, the Royal Bank of Scotland group.

A spokesperson for Ulster Bank said that the bank does not comment on rumour and speculation.

Reports at the weekend stating that up to a further 1,000 jobs could go at Ulster Bank appeared in the Sunday Business Post, which said that the non-core parts of the bank will be subject to major reorganisation.

The paper speculated that about 400 employees who work in the bank’s corporate restructuring wing, and a further 350 staff who are involved in managing mortgage debt are in danger of losing their jobs as part of the reorganisation.

The final plans for the reorganisation of Ulster Bank will be released alongside the results of parent company RBS on February 27.

The bank employs 5,800 staff in Ireland and has already undergone two major rounds of redundancies since the financial crisis hit.

Since 2009 the company has let more than 2,000 employees go.

There had been fears late last year that Ulster Bank would return its banking license in Ireland following a group-wide review of operations.

RBS committed to Ireland and decided to put nearly £40m (€48m) of the company’s Irish business into an internally managed “bad” bank.

The bank said a company-wide review carried out by the treasury in Britain had confirmed that Ulster Bank was “a core business for RBS”. Ulster Bank has been working on an internal business review initiated by new chief executive Ross McEwan, which is expected to include redundancies and branch closures.


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