Ulster Bank to cut 266 jobs in bid to cut costs

Ulster Bank plans to cut 266 jobs across the island of Ireland as part of its ongoing cost reduction programme.

Of that total, 213 jobs will go in the Republic with the remaining 53 losses occurring in the North.

The bank said it plans to reduce its staff numbers through a mix of voluntary redundancies, the removal of vacancies and what it called “the natural ending of some fixed-term roles as well as operational changes”.

It said no branch closures are planned as part of the move.

“We know this is difficult news for our colleagues and we are doing everything we can to support those affected by the changes,” an Ulster Bank spokesperson said.

However, the bank added that some existing staff members will be put “at risk” from the cuts plan because their role will no longer be there.

The bank said it is working to minimise this and to ensure that they are aware of other opportunities for redeployment in the bank,” the bank said.

Ulster Bank said it will manage the planned staff reductions “in line with existing processes with the Financial Services Union”.

It also said it is creating 57 new roles, split between its operations in the Republic and the North.

At the end of July, Ulster Bank posted operating losses of €276m for the first half of the year, with its interim results also spelling out that it set aside nearly €280m in impairment charges to cover potential bad loans arising from the Covid-19 crisis.

Including mortgages, personal loans, and corporate loans, the bank granted 16,800 payment breaks during the height of the crisis.