Ulster Bank to cut 750 jobs

The Ulster Bank Group has confirmed plans to shed around 750 jobs as part of a major restructuring programme.

The Group says it plans to merge First Active and Ulster Bank under one brand in an effort to cut costs.

Forty-five First Active branches across the country will be closed as part of the move and customers will be transferred to the local Ulster Bank branch.

Another 15 First Active branches will be renamed under the Ulster Bank brand.

The Ulster Bank Group says the restructuring will result in 550 redundancies in the Republic and another 200 in the North, but the majority will be voluntary.

The company says the lay-offs are necessary to enable it to adapt to prevailing market conditions.

SIPTU and the Irish Bank Officials Association are understood to have been briefed on the plans this morning, with more meetings scheduled for the coming days.