Europe

Bank of Ireland and AIB seek 3,500 voluntary redundancies

Bank of Ireland and AIB are to shed up to 3,500 staff.

The Bank of Ireland figure is expected to be in excess of 1,000.

The bank says the voluntary redundancy scheme will affect staff in the Republic, Northern Ireland and Britain.

AIB is looking for 2,500 voluntary redundancies from its 14,000 employees.

Staff discussed the schemes at an Irish Bank Officials' Association conference in Galway on Friday.

BoI staff are being offered three weeks' pay for every year of service plus statutory redundancy.

Those with more than two years' service will receive a minimum of €10,000.

There will also be a retraining grant and early retirement scheme for those between 55 and 60.

AIB is offering similar terms.

The IBOA said although it was disappointed by the redundancies, it welcomes the fact these departures will be voluntary.

IBOA General Secretary Larry Broderick said it is recommending the proposals for acceptance in the ballot of members beginning next week.

The association has also called on the government to come up with a strategy to address job losses in the sector.

Bank of Ireland Chief Executive Richie Boucher said that as the bank restructures "the overall number of people which we need to employ will regrettably reduce".