Business

AIB confirms plan to cut 1,500 staff will not affect northern workforce

AIB will seek to cut 1,500 jobs within its operation in the Republic by 2023.
Ryan McAleer

AIB has confirmed that its plans to cut 1,500 jobs and restructure its business by 2023 will not affect the former First Trust network in the north.

The Republic’s largest lender said on Wednesday that it had concluded a lengthy strategic review geared toward cutting costs by over 10 per cent and meeting profit margins.

The bank said it would seek to reach the 1,500 target through retirements and ‘natural exits’, but said it will re-open a voluntary severance programme in early 2021.

AIB, which last year dropped the First Trust brand in Northern Ireland, completed a similar strategic review in the north three years ago that triggered the closure of 15 branches, around half the First Trust network at the time.

A spokesperson for the bank said yesterday: “In Northern Ireland we continue to work on operational efficiencies, and potential areas for synergies and growth.”

AIB will however reshape its business in Britain, with plans to exit lending to small and medium-sized enterprises, mostly due to high costs.

Along with the staff cull, AIB has said it will vacate three of its six Dublin head offices, and merge overlapping branches in Dublin, Cork and Galway.

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