AIB to cut 2,500 staff in effort to reduce costs

AIB will today announce it is to cut 2,500 jobs as part of an ongoing programme by the State-owned bank to reduce overall costs.

The bank refused to outline where jobs are to be axed, or what branches will be affected ahead of an announcement to be made to staff this morning.

Industry sources expect AIB workers will be offered a deal that was similar to that offered to HSE workers last year — three weeks’ pay per year of service plus the statutory redundancy payment of two weeks.