September 29, 2020
Business News

Fears for Waterford jobs as bank announces massive 1,400 cuts

There are fears over the future of several Waterford jobs after Bank of Ireland announced it is to slash its workforce by 1,400.

The bank made the announcement after posting its half-yearly results. It said Covid-19 has had a hugely detrimental effect on its business and is set to continue to do so into the future.

The bank, which has seven branches in Waterford, is seeking to reduce its workforce by more than 10%, reducing its overall employee headcount from 10,400 to 9,000 over the coming years.

It is not certain how these cuts will affect staff at its branches in the city on The Quay, Lisduggan and Ardkeen and in  Tramore, Lismore, Kilmacthomas and Dungarvan. The bank said the initial savings will be achieved through a voluntary redundancy programme.

The bank yesterday posted pre-tax losses of €699 million for the first six months of 2020.

 

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