The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
2,000 jobs Number of planned job losses
Announcement Date
12 April 2011
Employment effect (start)
13 April 2011
Foreseen end date
31 December 2012
Description
Allied Irish Bank announced 2,000 redundancies in 2011 after incurring substantial losses. In 2011 statement, the bank - which is 93 per cent Government-owned - said costs must be lowered as business and market conditions remain challenging and the environment for operating income generation "remains difficult". It is expected that a reduction of over 2,000 staff will take place on a phased basis over 2011 and 2012, the bank said. AIB executive chairman David Hodgkinson said the losses were largely due to poor quality loans where the bank did not expect repayment.
Sources
12 April 2011: The Irish Times
Citation
Eurofound (2011), Allied Irish Bank (AIB), Internal restructuring in Ireland, factsheet number 71852, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71852.
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