Talks between unions and management at Anglo Irish Bank got under way today following the bank's announcement that it plans to cut its workforce by 27% by the end of next year.
Staff were told yesterday that the bank, which now also incorporates Irish Nationwide, wants to cut up to 350 jobs.
The bank said the measure was part of a process to wind down the bank by 2020.
It said it hoped to achieve the job cuts via a voluntary redundancy scheme, but did not rule out compulsory cuts.
Anglo recently merged with Irish Nationwide as part of the Government's banking strategy.
IBOA General Secretary Larry Broderick said the IBOA was disappointed, though not surprised, at the announcement.
'While we acknowledge that the Bank has indicated its preference that redundancies should be implemented on a voluntary basis, IBOA will urge management to strengthen that commitment so as to avoid making any staff redundant on a compulsory basis given the current employment situation in the financial services sector', he said.
He said negotiations on other issues such as the level of the severance terms and the criteria for selection will also get under way.
'As part of the restructuring agenda, we also intend to raise the concerns of the staff who will remain with the bank on issues such as redeployment, retraining and remuneration.
'Our aim is to achieve a fair and balanced approach to the restructuring of the business both for those staff who opt to leave the bank at this time and for those who decide to remain with the bank,' said Mr Broderick.
