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Allied Irish Banks to cut 2,000 jobs | Allied Irish Banks to cut 2,000 jobs |
(40 minutes later) | |
Allied Irish Banks (AIB) has announced plans to cut more than 2,000 jobs in 2011 and 2012, in order to lower costs. | |
The news came as the bank revealed it made a total loss for 2010 of 10.2bn euros (£9bn), compared with a loss of 2.3bn euros in 2009. | |
This included a loss of 7bn euros on the transfer of assets to Nama, the government's asset management agency. | This included a loss of 7bn euros on the transfer of assets to Nama, the government's asset management agency. |
AIB received a 3.5bn-euro bail-out from the Irish government in 2009 and is now majority owned by the government. | AIB received a 3.5bn-euro bail-out from the Irish government in 2009 and is now majority owned by the government. |
AIB is to be merged with building society EBS as part of government plans to reduce the number of banks in the country. | |
The merger is intended to form one of two new strong universal pillar banks in the Irish Republic, along with Bank of Ireland. | The merger is intended to form one of two new strong universal pillar banks in the Irish Republic, along with Bank of Ireland. |
AIB said the reduction of staff would take place on a "phased basis". | |
It said that business and market conditions remained challenging, adding that it would sell some non-core assets and wind down others. |
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