Bank of Ireland has confirmed that it will be cutting its workforce by 750 people.
The announcement comes after it yesterday received approval for its restructuring plan as required under State aid rules.
In a statement, the bank says the job cuts will be on a voluntary basis over a two-year period.
It is thought that many of jobs will come from support and operational staff linked to these businesses in Ireland and the UK.
Bank of Ireland employs more than 14,500 people.
More than 2,000 staff have already left the bank since March 2008, mainly because it did not replace employees who left.
In a statement, the bank said the job cuts would help it achieve its objectives to become more focussed and efficient.
It also said the existing pay freeze will continue but will be reviewed in April and December of next year.
It said the process of consulting with staff and unions about these redundancies will begin immediately.
Irish Bank Officials' Association General Secretary Larry Broderick welcomed the recommendation by independent mediator Mark Connaughton that the job cuts be implemented on a voluntary basis.
Mr Broderick said: 'IBOA will be scrutinising any specific proposals for job reductions with a view to securing alternative arrangements wherever possible.
'It is incumbent on senior management to learn the lessons from past mistakes in order to bring about a fundamental change in the culture that has operated in Bank of Ireland and brought it to the brink of collapse.'
He said it was a black day for Bank of Ireland employees and that they were paying the ultimate price for the mismanagement of the bank.
He raised fears of further significant job losses in the sector in the coming months.
He called on the Minister for Enterprise, Trade and Innovation to set up a taskforce to help those in the banking sector who are facing redundancy.
Last year the IBOA predicted 10,000 job losses and that so far 4,500 had taken place and that further job losses were expected over the summer.
AIB would not comment today on whether it has plans for similar job cuts.
But in a message to staff last week the bank said that it will become a smaller organisation.
However, it said no final decision had been made as to how and when this might happen.
