First Active’s woes won’t be the last
Staff at First Active became the first high-profile victims of Irish banks’ broken business models last week with the announcement that the mortgage lender would be subsumed into its parent, Ulster Bank, resulting in the loss of 750 jobs.
It will come as little comfort to know that they will be far from the last in the local banking community, home to over 40,000 employees, to lose out. The lending freeze that has crippled the industry since mid-2007 continues to threaten the very existence of banks that were once considered bulletproof.
Irish bank employees, however, will reflect uneasily this weekend that even if their institutions survive the increasingly difficult environment, many of their jobs are...
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