As many as one in five of Bank of Ireland's branches could face closure over the next two years as part of a cost-cutting plan. Yesterday chief executive Maurice Keane told a press conference that just more than ten per cent or forty branches could be closed.
According to a report in this morning's Irish Times, the Irish Bank Officials Association, which represents staff, maintains it was told the figure could be as high as 20 per cent. The discrepancy may be due to the fact that the precise number of branch closures over the next two years will depend on the speed with which the bank's customers switch to direct and internet banking.
Joe Costello, the Labour Party leader in the Seanad, criticised the plans to cut back on staff and branch offices throughout the country. Senator Costello said its an extraordinary situation that, because it is disappointed with profits of £0.75 billion, the bank intends to reduce staff by 700 and the number of branches by 20 per cent.
