Saturday, November 21, 2009 Previous editions
Anglo Irish Bank has confirmed this evening that its seeking 230 redundancies.
Anglo say the measure is in response to the planned reduction in the size of the bank due to necessary restructuring and the transfer of €28bn worth of loans to Nama.
A total of 110 of the job cuts will be made from the Irish workforce - 95 from its UK operations and 25 from the USA and Europe.
"This Bank will undergo radical change in the coming months and today’s announcement is the first phase of a programme intended to reduce the cost base of the operation and improve efficiency," said Anglo Irish Bank chief executive Mike Aynsley.
"Regrettably, we have to let people go as we reduce the size of the balance sheet and re-structure the Bank. This reality is tough on our staff who have worked exceptionally hard and have shown huge commitment over the years, most particularly over the recent, difficult months.
"We will ensure that people are well informed, supported and are treated with dignity and respect. Our mandate, as a nationalised bank, is to keep the public interest to the fore and the restructuring of New Anglo Bank will reflect this objective."
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