Sunday March 29, 2020

Ulster Bank moves to cut costs again

As more than 100 managers take voluntary redundancy, lender says move to digital first banking may mean more job cuts

Ian Guider

Markets Editor

@ianguider
16th February, 2020
Jane Howard, chief executive of Ulster Bank: ‘As customers do more online, we will need fewer people’ Picture: Shane O’Neill

Ulster Bank is planning further cost cutting as it looks to continue its recovery in profitability and return more cash to its parent company.

The bank said on Friday that more than 100 managers have so far taken up a voluntary redundancy offer announced in December as part of a plan to reduce senior roles by 175.

Its cost-to-income ratio stood at 97 per cent at the end of 2019, among the highest of Ireland’s main domestic...

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