Unions oppose Bank of Ireland job cuts

The IBOA union has reacted furiously to the Bank of Ireland's 2,100 job cuts as part of a major cost reduction programme at the bank.

'Staff are extremely angry and furious at the Bank's proposals to seek over 2,100 redundancies at a time when the bank is recording historic profit levels of in excess of €1.3 billion,' commented the IBOA's Larry Broderick.

He made his comments after an emergency meeting of the IBOA's Bank of Ireland Executive Committee.

'This is corporate greed at its most vulgar that is aimed at maximising short-term shareholder value at the expense of staff, customers and the future well-being of the Bank itself,' Mr Broderick said. 

'At a time of strong economic growth in Ireland and record profitability in the Bank, it is a dreadful reflection on the board of Bank of Ireland that they are devoid of any strategic vision other than a slash and burn approach to the largest domestic bank in the Republic of Ireland,' the IBOA man said.

He said the Bank's move was in sharp contrast with the approach taken by all other domestic and international competitors who are focused on income growth, increased employment and enhanced customer service.

The IBOA is due to meet Bank of Ireland senior management tomorrow to discuss their proposals.

* Amicus Trade Union also condemned today's decision by the Bank of Ireland to announce the job losses through the media without prior negotiation and consultation.

'The dignity and commitment of our members has been undermined by the Bank's failure to follow the proper procedures,' the union said.

'We have assured our members that we will resist in the strongest terms any attempt to sacrifice jobs purely to enhance massive profits, will not countenance any proposals that includes compulsory redundancies and will oppose any proposals to outsource jobs,' it added.