BoI may have to hike redundancy package to tempt top managers

Move is part of strategy to shrink the bank’s cost-to-income ratio

Francesca McDonagh

Bank of Ireland may have to sweeten the terms of its voluntary redundancy schemes to tempt senior managers to depart as part of an upcoming cost-cutting drive.

Both bank insiders and external sources told this newspaper last week that to encourage staff to accept an offer, the severance package would have to be improved upon.

Under earlier schemes, the bank offered staff three weeks’ pay per year of service on top of their ...