Bank of Ireland results - Profits not enough to satisfy bank

ON the day it announced profits of €1.3bn, Bank of Ireland also announced it expected to close negotiations on getting rid of 2,100 people from its workforce by the end of the month.

It seems that a 5% increase in profit, or €3.5m a day, is not enough to satisfy the bank that its future is secure.

It will cost the financial institution about €210m over four years to rid itself of such a large segment of the present staff.