Ulster Bank to layoff 950 employees

Ulster Bank is to slash its workforce by 950, with 600 redundancies in the Republic of Ireland and 350 in Northern Ireland.

The bank's parent company, Royal Bank of Scotland also announced it will be laying off 3,500 staff in its investment wing, to compete with the financial sector.

In a statement the bank said: "As local and global economies continue to deteriorate, these actions are being taken as part of the bank's overall business strategy to ensure the organisation is well placed to compete effectively in the market and continues to serve the needs of its 1.9 million customers across the island of Ireland through its extensive branch and business centre network."

Larry Broderick, General Secretary of the Irish Bank Officials Association, said the sheer magnitude of proposed redundancies is breathtaking.

He said the union is trying to protect as many jobs as possible and he wants answers on how cuts will help the bank's declared commitments.

Enterprise Minister, Arlene Foster, has said that the scale of redundancies proposed at the Ulster Bank is deeply disappointing.

The Minister said: “This announcement has come as a huge shock to staff who work for Ulster Bank. Such a significant number of job losses is very worrying.

"I have had discussions with senior representatives of Ulster Bank and assured them that the Executive will work with local management and their owners in the Royal Bank of Scotland to attract any future RBS jobs into Northern Ireland.

"This decision by the RBS is reflective of the state of the financial services sector as many organisations undergo major restructuring. However, with front line staff facing redundancies, it is important that senior management in RBS are seen to be behaving in a responsible manner as the organisation moves forward."

Source: 4NI