Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Bank of Ireland has reported that it will cut 1,400 jobs in the coming years after reporting heavy losses in the first half of the year as a result of loan impairment losses due to the COVID-19 crisis. The job losses will be achieved through a voluntary redundancy programme with relatively generous terms - four weeks per year of service in addition to the statutory two weeks per year of service up to an extended maximum of 2.5 times annual salary.
The Financial Services Union subsequently referred the bank to the Workplace Relations Commission indicating that the restructuring announcement had been made unilaterally and without advance consultation despite longstanding agreements with the Union.
Ireland's main five banks have cut staff headcount by 45 percent since 2008 to around 26,500 today. Further reductions are foreseen in coming years as much banking activity moves online. The bank is also reported to be reconsidering its future activities - including possible retrenchment - both in Northern Ireland and in the UK.
Update, 26/9/20: around 2,000 applications were received from Bank of Ireland staff wishing to avail of voluntary redundancy.
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Eurofound (2020), Bank of Ireland, Internal restructuring in Ireland, factsheet number 102086, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102086.
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