Bank of Ireland to cut 1,400 jobs

The Group's full year 2020 impairment charge is expected to be in a range of €1.1 billion to €1.3 billion.

Bank of Ireland is to cut around 1,400 jobs.

The bank has launched a voluntary redundancy programme to reduce its current workforce of 10,400.

The financial institution has branches in Cavan Town, Arvagh, Bailieborough and Cootehill in Co Cavan; and Clones, Ballybay, Castleblayney and Carrickmacross in Co Monaghan.

It also has branches located locally in Oldcastle in Co Meath; Granard in Co Longford; Kells in Co Meath; and a branch in Lisnaskea in Co Fermanagh.

It follows reported losses at the bank of €669 million before tax for the first six months of the year, after putting aside €937 million, much of which was to cover losses related to Covid-19 loan repayment breaks.

The Group's full year 2020 impairment charge is expected to be in a range of €1.1 billion to €1.3 billion.

“We're being prudent and comprehensive in taking that large provision. Everything has to be seen through the prism of Covid-19,” Francesca McDonagh, Bank of Ireland CEO explained.