Bank employees group to meet Donohoe over job cuts and branch closure plans

Finance Minister Paschal Donohoe will meet the Financial Services Union today. 

The country’s main bank employee representative group is to meet today with finance minister Paschal Donohoe to discuss the future shape of Ireland’s banking sector amid a swathe of job cuts and branch closures.

All of the country’s major lenders — Bank of Ireland, AIB, Ulster Bank, Permanent TSB and KBC Bank Ireland  — have commenced strategic reviews in recent months, with branch closures and job cuts included in those plans. Across the industry, there are plans to cut around 3,500 jobs, while a review by NatWest could see Ulster Bank exit the market in the Republic.

The Financial Services Union wants, amongst other things, a national forum on banking. The union’s general secretary John O’Connell said the Irish banking structure is being “eroded” and warned that after the Covid crisis has passed Ireland could be left with a banking structure that is “unrecognisable and not fit for purpose for our citizens”.

The FSU will talk with Minister Donohoe on its banking forum proposals, the Central Bank’s consumer protection code and the reviews underway at the main banks.

It will also address the changing nature of customer services.

"With banking rapidly moving online, and the related access issues for many people across the country; the urgent need for real cultural change in the banks, and the increasing role of artificial intelligence in decision-making are issues that need urgent attention,” Mr O'Connell said.

He said the debate over the future of banking “should also include a new code of practice for banks, a review of what measures are required to restore trust in the banking system, and a discussion on how change in the banking sector is implemented.”

“The challenge for us all is to provide a clear strategic approach that involves input from all stakeholders and ensures we have the banking service we need over the coming decade and beyond,” he said.