Bank of Scotland crisis - Staff bear brunt of withdrawal

THE decision of Bank of Scotland Ireland (BoSI) to pull out of Ireland will further deepen the storm clouds hanging over the country’s tottering economy.

Bank of Scotland crisis - Staff bear brunt of withdrawal

The loss of 36 jobs on a compulsory basis, coupled with the threat of an axe hanging over the heads of more than 800 other workers, soon to be covered by the Protection of Employment scheme, underlines the truly frightening scale of the crisis confronting the entire banking system. Even more job cuts are looming at AIB, and Bank of Ireland is not yet out of the woods, despite working swiftly to put its house in order.

The writing has been on the wall for BoSI ever since it closed its nationwide chain of 44 Halifax branches. Unfortunately, by moving to wind up the bank and dissolve its Irish brand at this point, it is sending a bleak message internationally about Ireland’s fiscal difficulties.

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