Early reports suggest Bank Of Ireland could be cutting up to 20% of their workforce 1 year ago

Early reports suggest Bank Of Ireland could be cutting up to 20% of their workforce

As of 2017, the bank had 10,892 employees.

Bank of Ireland is likely to cut a large percentage of their employee base following targets made by financial analyst firm Investec.

Investec published a note on the Bank of Ireland Group (BIRG) on Tuesday which looked at announcements made at Capital Markets Day back in June as well as the medium-term strategy – with accompanying financial targets – which was unveiled by new CEO Francesca McDonagh.

The note outlined the need to reduce underlying costs and commit to transforming the company as a whole.

The Irish Times published an article regarding the job losses this morning, claiming that the bank is set to cut up to 20% of its workforce – a figure which could reach up to 2,180 jobs of their 10,892-strong workforce – following the distribution of the Investec note.

The bank released a general statement, combatting this, mentioning that streamlining the company in terms of staff is not a new practice.

"One of Bank of Ireland’s strategic priorities is to transform the bank – including culture, technology and business model," the statement reads.

"In common with other companies in the financial services sector, and in line with the experience over the past decade, the Bank will be smaller over the coming years. However, there is no specific headcount target.

"We will proactively manage this with our people in a range of ways, as we have managed it in the past.

"As we transform the bank, we are also investing in training, upskilling and professional development for colleagues, with an investment this year of almost €14million."

JOE got in touch with a spokesperson for the bank, which confirmed this – stating that "we’ve been getting smaller for the past ten years, there's nothing new in Bank of Ireland reducing numbers."

The spokesperson also confirmed that the cost reductions set to go ahead will be implemented over a three-year period.