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 - Financial service activities, except insurance and pension funding
1,500 - 1,550 jobs Number of planned job losses
Announcement Date
6 March 2020
Employment effect (start)
6 March 2020
Foreseen end date
31 December 2022
Description
Allied Irish Bank (AIB) is seeking to reduce its workforce by one quarter by the end of 2022. On 6 March 2020, the Bank signalled it is planning around 1,500 job cuts, which would bring its total workforce to below 8,000 in three years. The forthcoming redundancies will be pursued through retirement schemes, voluntary redundancy, and people pursuing careers elsewhere.
The Bank's CEO said the reductions were needed as the work intensity decreased in some core bank services, such as mortgage arrears.
AIB's profit before tax dropped by 60% to €499 million, largely because of €300 million for 'additional provisions to meet potential further liabilities', such as the Bank's involvement in the tracker mortgage controversy, according to the representatives.
Eurofound (2020), AIB, Internal restructuring in Ireland, factsheet number 99956, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99956.
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