Bank of Ireland announced it has launched a group-wide voluntary redundancy programme across the UK and Ireland, with the aim of potentially cutting 1,400 staff members.
The result will see the bank’s workforce lowered from a current 10,400 to less than 9,000. It lists 28 branches within Northern Ireland.
BBC News NI reported that in its half year results, Bank of Ireland said Covid-19 had a material impact on its financial performance in 2020.
The bank’s CEO, Francesca McDonagh, said: "We're being prudent and comprehensive. Everything has to be seen through the prism of Covid-19."
Irish broadcaster RTE said the bank had earlier reported a loss of €669m (£604m) before tax for the first six months of the year, after putting aside €937m (£845m) mainly to cover losses related to Covid-19 loan repayment breaks.
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Desite possible job cuts, last week Bank of Ireland announced £100,000 in funding for 25 projects across Northern Ireland from its new ‘Begin Together Fund’.
Each organisation will receive up to £4,500 to support a range of initiatives and include Action Mental Health, Sport NI, a group working with vulnerable migrants, asylum seekers and refugees in Derry, a parent’s support group for children with Down Syndrome, community groups working to combat high levels of deprivation; a foundation working to deliver inclusive beaches for people of all abilities, and an initiative to help train and support people back into the job market.
William Thompson, Head of Bank of Ireland’s Consumer Banking NI said: “As our local communities, towns and cities begin to open up again it’s important to remember that charities and community groups have seen their income severely impacted by COVID-19 but the work they do is more important than ever.”
