Ulster Bank to cut 600 jobs as it exits Irish market

Other staff moving to Permanent TSB and AIB

Further redundancy programmes will be opened in 2023

Ulster Bank has opened two redundancy programmes targeting 600 workers as it continues plans to exit the Irish banking market.

The first programme is for the 450 staff working in Ulster's 63 branches who are not transferring to Permanent TSB along with a small number of other colleagues in Personal Banking. Ulster Bank said the workers can apply for Voluntary Redundancy or enter a period of redeployment where they can look for another role.

The second scheme is for the 350 staff across the bank in services, functions and personal banking divisions where they expect work will cease or significantly diminish during the first half of 2023.

In a statement, Ulster said they expect 600 staff to leave the bank through both redundancy programmes. They said other staff will continue to leave the company through transfers to Permanent TSB and AIB.

While Ulster Bank has not announced a firm date for branch closures but said 25 branches will close in January and will reopen as PTSB branches. They said they would update the position of the remaining Ulster Bank branches in the New Year.

The redundancy programmes opened today following a period of consultation with unions including the FSU and Unite.

Ulster Bank Chief Executive Jane Howard said: "While these plans have been well signposted to colleagues as part of our withdrawal communications, the programmes announced today will offer some clarity."

"For those not in scope today, we expect that further redundancy programmes will be opened in 2023 and beyond," she said.

The terms of the redundancies will offer staff the greater of five weeks' pay including statutory entitlements per year of service or four weeks plus statutory subject to a cap of 104 weeks.