Menu
17/08/2010
Bankers Warn Of 'Thousands' Of Job Losses
Ireland's bankers have warned the sector could face thousands of job losses within the next six months.
The Minister for Enterprise, Trade and Innovation Batt O'Keeffe has requested clarification from the Irish Bank Officials Association (IBOA) on the potential for further redundancies in the sector to allow the Government to "draw up successful strategies".
In a statement released today, the IBOA said it welcomed Minister's intervention on job losses in financial sector.
IBOA General Secretary, Larry Broderick, said that Minister O'Keeffe's intervention is particularly welcome as speculation is rife that further substantial job losses are likely in AIB following the recent announcement that Bank of Ireland is to make another 750 staff redundant on a phased basis by the end of 2011.
The additional job losses come on the back of over 6,000 job losses in the financial services sector since the onset of the banking crisis two years ago.
"Despite the intense media speculation, AIB has so far failed to engage meaningfully with IBOA on its future plans," said Mr Broderick. "While we appreciate that AIB is still in talks with the EU Commission over its viability plan, we believe that the broad thrust of its business strategy should now be in place and open to comment."
He added: "The Minister's request to the banks to justify any job reductions in the context of the practical requirement to maintain services for business customers to support economic recovery is particularly appropriate."
The IBOA chief went on to urge the bank not to sell off its First Trust and UK operations as they are “very valuable assets” that have a role to play in jobs protection into the future.
"IBOA has been warning for some time that the pursuit of short-term cost cuts (typically in the form of redundancies) may not only jeopardise the banks' own prospects for recovery in the medium to long term but also further reduce their capacity to contribute to sustainable growth in the economy as a whole," he said.
(DW/BMcC)
The Minister for Enterprise, Trade and Innovation Batt O'Keeffe has requested clarification from the Irish Bank Officials Association (IBOA) on the potential for further redundancies in the sector to allow the Government to "draw up successful strategies".
In a statement released today, the IBOA said it welcomed Minister's intervention on job losses in financial sector.
IBOA General Secretary, Larry Broderick, said that Minister O'Keeffe's intervention is particularly welcome as speculation is rife that further substantial job losses are likely in AIB following the recent announcement that Bank of Ireland is to make another 750 staff redundant on a phased basis by the end of 2011.
The additional job losses come on the back of over 6,000 job losses in the financial services sector since the onset of the banking crisis two years ago.
"Despite the intense media speculation, AIB has so far failed to engage meaningfully with IBOA on its future plans," said Mr Broderick. "While we appreciate that AIB is still in talks with the EU Commission over its viability plan, we believe that the broad thrust of its business strategy should now be in place and open to comment."
He added: "The Minister's request to the banks to justify any job reductions in the context of the practical requirement to maintain services for business customers to support economic recovery is particularly appropriate."
The IBOA chief went on to urge the bank not to sell off its First Trust and UK operations as they are “very valuable assets” that have a role to play in jobs protection into the future.
"IBOA has been warning for some time that the pursuit of short-term cost cuts (typically in the form of redundancies) may not only jeopardise the banks' own prospects for recovery in the medium to long term but also further reduce their capacity to contribute to sustainable growth in the economy as a whole," he said.
(DW/BMcC)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
08 November 2001
Rodgers expresses concern at job losses in Lurgan
SDLP MLA for Upper Bann and Minister for Agriculture Brid Rodgers has expressed concern at the announcement of job losses at carpet tile manufacturers Interface Europe based in Lurgan.
Rodgers expresses concern at job losses in Lurgan
SDLP MLA for Upper Bann and Minister for Agriculture Brid Rodgers has expressed concern at the announcement of job losses at carpet tile manufacturers Interface Europe based in Lurgan.
15 April 2013
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
14 September 2012
Large Scale Job Losses Is 'Major Blow'
Enterprise Minister Arlene Foster said today that the potential large-scale job losses announced by FG Wilson is a major blow to the Northern Ireland economy. The Minister said: "This is devastating news for the hundreds of families who will be affected, particularly when so many people are already struggling in this difficult economic climate.
Large Scale Job Losses Is 'Major Blow'
Enterprise Minister Arlene Foster said today that the potential large-scale job losses announced by FG Wilson is a major blow to the Northern Ireland economy. The Minister said: "This is devastating news for the hundreds of families who will be affected, particularly when so many people are already struggling in this difficult economic climate.
07 October 2011
Yeovil AgustaWestland Jobs To Go
News of major job losses in the aerospace industry has prompted an MP to slam plans to cut up to 375 jobs at not only AgustaWestland's Yeovil business, but also at other UK sites.
Yeovil AgustaWestland Jobs To Go
News of major job losses in the aerospace industry has prompted an MP to slam plans to cut up to 375 jobs at not only AgustaWestland's Yeovil business, but also at other UK sites.
04 July 2002
US merger threatens Irish jobs
US computer manufacturer Hewlett-Packard has announced plans to cut almost 6,000 jobs throughout Europe as part of a restructuring plan which could put thousands of Irish jobs in peril. Hewlett Packard has said that the move forms part of its plan to reduce its worldwide workforce by 10% by the end of 2003.
US merger threatens Irish jobs
US computer manufacturer Hewlett-Packard has announced plans to cut almost 6,000 jobs throughout Europe as part of a restructuring plan which could put thousands of Irish jobs in peril. Hewlett Packard has said that the move forms part of its plan to reduce its worldwide workforce by 10% by the end of 2003.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
