Thousands of jobs to be lost in bank shakeup

Last week’s announcement on restructuring could cost 6,000 banking jobs, writes Nicola Cooke

2nd April, 2011

The new blueprint for restructuring and recapitalising Ireland’s crisis-ridden banking system is expected to lead to between 5,000 and 6,000 job losses.

The losses are likely to occur over the next three years as the institutions in the financial sector contract significantly, with Bank of Ireland and AIB set to emerge as the only lenders of real significance.

The plan for mergers of some institutions, and the sale of core and non-core assets in others...

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