Monday November 30, 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

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...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader



Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.



€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.




90 Day Pass

You can cancel any time.

2 Yearly



Unlimited Access for 2 Years

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Share this post

Related Stories

Analysis: The sandwich-maker has tapped its shareholders for €100 million amid the continuing uncertainty over the pandemic

Ian Guider | 1 day ago

The contract clinical, manufacturing, packaging and technology services business sees 34 per cent increase in adjusted operating profit

Peter O'Dwyer | 1 day ago

The tests have been assessed and passed for use by Public Health England, while the HSE is in talks over their use in Ireland

Róisín Burke | 1 day ago