BOI agrees cost-cutting plan for staff lay-offs
Bank of Ireland reached agreement with workers today on a redundancy deal for 2,100 staff due to leave the financial institution under cost-cutting measures.
After intensive negotiations, the bank confirmed it had accepted the recommendations of the Labour Relations Commission’s Kieran Mulvey.
The detailed direction includes severance terms, early retirement arrangements for staff at a certain age and a provision for retirement options for other employees across the group.
Brian Goggin, group chief executive at the bank, said: “We need to build on our strengths and ensure we can continue to deliver enhanced value and innovation for customers, greater shareholder value for investors and sustainable, quality employment for our staff.
“The Strategic Transformation Programme, by delivering greater efficiency, will enable us to do this and to deliver on the full growth potential of the business.”
The bank announced the cost-cutting programme last March, involving a reduction of 2,100 staff, in a bid to reduce costs by €120m annually over the next four-years.
Bank of Ireland described the recommendations as fair and balanced and would allow officials to move ahead with implementing the cost-cutting programme.
