AIB financial targets will be met by closures and 1,500 job cuts

The bank, which is 71 per cent owned by the Irish taxpayer, may also be looking towards acquisitions, one of which is the wealth management company Goodbody stockbrokers which it formerly owned

AIB’s workforce will fall to about 7,700 after 1,500 jobs go. Picture: Fergal Phillips

Barely nine months have passed since Colin Hunt provided AIB investors with his strategy for the bank’s future. Last week, as he stood at a podium in front of the bank’s familiar logo the message he delivered was similar to what he said back in March.

The bank was targeting a return on tangible equity – perhaps the best measure of how it is using shareholders’ money – of about 8 per cent a year. ...