Some 2,500 professionals working for Allied Irish Banks (AIB) are set to lose their jobs in the coming months, it has emerged.
The financial group - which was established in 1966 - has announced today (8 March) that it is to begin discussions with trade union representatives immediately as the consultation process for these redundancies gets underway.
It is hoped that the majority of this programme of cuts - the full details of which will be revealed next month - can be made on a voluntary basis, with AIB hoping to oversee around half of the planned 2,500 departures before the end of 2012.
The company explained that these redundancies are essential because it is in a financial position whereby it needs to reduce its staff cost base by around €170 million ($225 million) throughout this year.
Chief executive officer of AIB David Duffy stated: "We aim to implement a severance package that is fair to people at all levels in the bank, while reflecting the very difficult financial position that AIB is in."
By Claire Archer