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| Ulster Bank: Up to 1,800 jobs to go in cost-cutting move | Ulster Bank: Up to 1,800 jobs to go in cost-cutting move |
| (35 minutes later) | |
| Up to 1,800 jobs are to be lost at the Ulster Bank, which is owned by the Royal Bank of Scotland (RBS). | |
| This is in addition to 950 job losses announced by the bank in January 2012. | This is in addition to 950 job losses announced by the bank in January 2012. |
| The bank said the move was part of plans to cut its branch network and return the group to profit by 2016. | The bank said the move was part of plans to cut its branch network and return the group to profit by 2016. |
| Ulster Bank said it would close up to 39 branches on the island of Ireland - the bank did not give a breakdown of where these closures would occur. | Ulster Bank said it would close up to 39 branches on the island of Ireland - the bank did not give a breakdown of where these closures would occur. |
| In January 2013, the bank announced it was closing 22 branches and sub-offices on both sides of the border. | In January 2013, the bank announced it was closing 22 branches and sub-offices on both sides of the border. |
| At the time, the bank said there would be no additional job losses as a result of that announcement. | At the time, the bank said there would be no additional job losses as a result of that announcement. |
| Earlier this year, the bank announced it had made losses of more than £1bn in 2012. | Earlier this year, the bank announced it had made losses of more than £1bn in 2012. |
| Ulster Bank currently has 214 branches across the island of Ireland - 135 in the Republic of Ireland and 79 in Northern Ireland. | Ulster Bank currently has 214 branches across the island of Ireland - 135 in the Republic of Ireland and 79 in Northern Ireland. |
| 'Cavalier approach' | |
| It employs 6,000 staff. | It employs 6,000 staff. |
| Irish finance union, the Irish Bank Officials' Association (IBOA), said the branch cuts were a "bolt from the blue" and criticised Ulster Bank for what it called its "cavalier" approach to staff and customers. | |
| IBOA general secretary Larry Broderick said: "While everyone is aware that Ulster Bank's parent, RBS, is in some disarray at the moment and its commitment to its Irish operation has been the subject of much speculation recently, I sometimes wonder if the senior management in Ulster Bank are deliberately trying to sabotage the bank's future by their cavalier approach to their customers and staff." | |
| In June, the Chancellor of the Exchequer George Osborne raised the possibility of splitting the Ulster Bank into 'good and bad banks'. | |
| He has ordered a review into breaking up the bank's parent body, the RBS. | |
| It will particularly focus on assets in Ulster Bank and UK commercial real estate. | |
| The review will report later in the year and will be conducted by the Treasury with external professional support. |