ACC Bank cuts 200 staff
After last month's announcement, it seemed obvious that ACC Bank was about to trim its workforce, but the 200 jobs to be axed is a particularly deep cut - amounting to nearly a third of staff.
ACC Bank employs 660 people in Ireland and is to close 16 of 25 branches with the loss of some 200 jobs, a move the bank says is necessary to survive the economic crisis.
The bank aims to cut its costs by 30% this year in order to manage the risks in its loan portfolio posed by the deteriorating economic conditions.
ACC Bank made an after tax loss of €244m in 2008.
Rob Hartog, the bank's chief executive, said: "The decision to implement these changes at ACC Bank has been a very difficult one to make, and we will be working with trade unions and employee representatives to determine how best to implement them over the next few weeks."
The bank will attempt to ensure all redundancies are voluntary, and staff will start leaving from July.
The cuts will occur in head office, as well as closing branches in Athlone, Ballina, Castlebar, Cavan, Clonmel, Ennis, Dungarvan, Letterkenny, Monaghan, Navan, Nenagh, Roscommon, Tralee, Tuam, Tullamore and Wexford.
