One in 10 bank staff could lose jobs, union claims

ONE in 10 bank workers could lose their job as financial institutions battle to overcome billions of euro in losses.

The Irish Bank Officials’ Association (IBOA) estimates 5,000 jobs could be lost as financial institutions cut costs to avoid further Government intervention.

General secretary of the IBOA union, Larry Broderick, said the massive job losses could result from a combination of “opportunistic cost-cutting” by senior management and consolidation within the banking sector.