Job cuts coming at ACC Bank?
Yesterday's announcement by ACC Bank that it was "reviewing its operations" is an ominous sign that redundancies are imminent.
Though there was no explicit statement that suggested job cuts were coming, the underlying implication of the rather minimalist announcement would have put its employees on red alert.
The statement said the bank was:
"Reviewing its operations in light of the current economic climate, as are many other financial institutions. No decisions have been made and the bank will make no further comment on speculation."
ACC Bank employs some 670 people in Ireland, but is part of Dutch behemoth Rabobank. Last year was a fairly dire one for the bank, which focuses on small-to-medium size businesses and the agricultural sector, and it posted a €244m loss for 2008.
It also received a €175m cash injection from its parent company to bolster its capital ratio after writing off €373m in bad loans, largely to the construction sector.
A further indication that job cuts are on the cards comes from the Irish Independent, which cites anonymous sources as saying the ACC is in early stage discussions with unions SIPTU and Unite, regarding the review.
And, as the Irish Times points out, it's been already been moving away from the high street, having closed seven branches and put a further nine on the market.
