Anglo Irish Bank has announced it is seeking up to 230 redundancies from its staff.
The nationalised bank said the redundancies were necessary because of restructuring and the transfer of around €28bn of loans to NAMA in the coming months.
The bank's redundancy programme involves a reduction of about 110 jobs in its Irish operations, approximately 95 people in the UK and 25 in the US and Europe.
Staff were informed of the redundancy programme at briefings this afternoon.
It will begin on 9 November in Ireland, the UK and the US and will conclude in February 2010.
The redundancies will reduce the bank's workforce to 1,300. It had stood at 1,800 in September 2008.
Anglo Irish Bank also warned a second phase of reductions will occur next year and in 2011.
The bank says it has put in place a range of initiatives designed to inform and support staff as they consider their options.
Anglo Irish Bank Chief Executive Mike Aynsley said: 'This bank will undergo radical change in the coming months and today's announcement is the first phase of a programme intended to reduce the cost base of the operation and improve efficiency.
'Regrettably, we have to let people go as we reduce the size of the balance sheet and re-structure the bank.
'This reality is tough on our staff who have worked exceptionally hard and have shown huge commitment over the years, most particularly over the recent, difficult months.'
Mr Aynsley also told staff that if there are insufficient numbers of staff opting for voluntary redundancy then the company would examine all options including a compulsory programme.