Committee calls on bank chiefs to discuss job cuts

AN Oireachtas Committee has asked Bank of Ireland executives to appear before it after it heard yesterday that lack of information on a cost-cutting plan had made up to 12,000 staff fear for their jobs.

BoI announced 2,100 redundancies last month but bank officials yesterday claimed the firm had still not given specific details about which staff would be culled or which branches would close.

Irish Bank Officials Association general secretary Larry Broderick told the Finance and Public Service Committee: “This has led to increased fear and loss of morale among staff who await daily in trepidation to be told by management that their job is gone.”

Mr Broderick called on the committee to support the interests of staff and customers. He said the cuts would have a negative impact on the economy and “made a mockery of social partnership”.

Committee chairman Sean Fleming said: “I’ll make an offer to Bank of Ireland that if they want to come in, we’re happy to meet them. It’s up to them.”

Fine Gael finance spokesman Richard Bruton said a lack of negotiation and consultation with unions may be bad industrial relations practice, but BoI was taking inevitable steps to adapt to increased competition.

Mr Broderick said: “To have a business plan and not sit down and discuss it with staff is bad decision-making. The bank must look after more than just their institutional investors, but also their staff, customers and the community it makes its massive profits from.”