National Irish Bank has annouced it is to shed 150 jobs and shut down almost half of its branch network as part of a major cost-cutting exercise.
The bank says it will seek voluntary redundancies over the next 18 months and close 25 of its 58 branches in Ireland.
The Irish Bank Officials Association has said it is shocked at the move. It said today's move would hurt competition in the Irish banking sector.
National Irish Bank's chief executive Andrew Healy said the banking sector in Ireland was on life support and that costs had to be cut. He said jobs were being cut to ensure NIB has a long term future.
The latest jobs blow comes after last week's warning to staff from new managing director of AIB that there would have to be cost cuts there.
Also last week, Permanent TSB said it was shedding 120 jobs and closing 11 branches while Royal Bank of Scotland said it was losing more than 80 jobs at Irish subsidiary Lombard Ireland.
National Irish Bank, which is owned by Danske Bank, employs almost 700 people here in its 58 branches.
Under Danish parent Danske, NIB became a highly aggressive player in the mortgage market, undercutting domestic competition on tracker rate mortgages.
This afternoon the Irish Bank Officals Association said that sort of competition was under threat as more and more banks shut branches and shed staff.
