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17/08/2010
Bankers Warn Of 'Thousands' Of Job Losses
Ireland's bankers have warned the sector could face thousands of job losses within the next six months.
The Minister for Enterprise, Trade and Innovation Batt O'Keeffe has requested clarification from the Irish Bank Officials Association (IBOA) on the potential for further redundancies in the sector to allow the Government to "draw up successful strategies".
In a statement released today, the IBOA said it welcomed Minister's intervention on job losses in financial sector.
IBOA General Secretary, Larry Broderick, said that Minister O'Keeffe's intervention is particularly welcome as speculation is rife that further substantial job losses are likely in AIB following the recent announcement that Bank of Ireland is to make another 750 staff redundant on a phased basis by the end of 2011.
The additional job losses come on the back of over 6,000 job losses in the financial services sector since the onset of the banking crisis two years ago.
"Despite the intense media speculation, AIB has so far failed to engage meaningfully with IBOA on its future plans," said Mr Broderick. "While we appreciate that AIB is still in talks with the EU Commission over its viability plan, we believe that the broad thrust of its business strategy should now be in place and open to comment."
He added: "The Minister's request to the banks to justify any job reductions in the context of the practical requirement to maintain services for business customers to support economic recovery is particularly appropriate."
The IBOA chief went on to urge the bank not to sell off its First Trust and UK operations as they are “very valuable assets” that have a role to play in jobs protection into the future.
"IBOA has been warning for some time that the pursuit of short-term cost cuts (typically in the form of redundancies) may not only jeopardise the banks' own prospects for recovery in the medium to long term but also further reduce their capacity to contribute to sustainable growth in the economy as a whole," he said.
(DW/BMcC)
The Minister for Enterprise, Trade and Innovation Batt O'Keeffe has requested clarification from the Irish Bank Officials Association (IBOA) on the potential for further redundancies in the sector to allow the Government to "draw up successful strategies".
In a statement released today, the IBOA said it welcomed Minister's intervention on job losses in financial sector.
IBOA General Secretary, Larry Broderick, said that Minister O'Keeffe's intervention is particularly welcome as speculation is rife that further substantial job losses are likely in AIB following the recent announcement that Bank of Ireland is to make another 750 staff redundant on a phased basis by the end of 2011.
The additional job losses come on the back of over 6,000 job losses in the financial services sector since the onset of the banking crisis two years ago.
"Despite the intense media speculation, AIB has so far failed to engage meaningfully with IBOA on its future plans," said Mr Broderick. "While we appreciate that AIB is still in talks with the EU Commission over its viability plan, we believe that the broad thrust of its business strategy should now be in place and open to comment."
He added: "The Minister's request to the banks to justify any job reductions in the context of the practical requirement to maintain services for business customers to support economic recovery is particularly appropriate."
The IBOA chief went on to urge the bank not to sell off its First Trust and UK operations as they are “very valuable assets” that have a role to play in jobs protection into the future.
"IBOA has been warning for some time that the pursuit of short-term cost cuts (typically in the form of redundancies) may not only jeopardise the banks' own prospects for recovery in the medium to long term but also further reduce their capacity to contribute to sustainable growth in the economy as a whole," he said.
(DW/BMcC)
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