A Debenhams worker protesting outside Bank of Ireland in May. Image: Sam Boal A Debenhams worker protesting outside Bank of Ireland in May. Image: Sam Boal UNDER NORMAL CIRCUMSTANCES, ‘change is the only constant’ is one of the very worst management-speak clichés.
With that in mind, O’Connell says, the FSU — which represents 15,000 workers in the financial services sector — engaged with the banks at the end of March and April to secure a pause on redundancies during the current emergency. “They subsequently reopened them after huge public outcry. But we just can’t square [their staffing needs] with letting 1,400 just walk out the door. It just doesn’t compute.”All of the major retail banks have rolled out redundancy arrangements in the wake of the last crash, cutting their workforces by a combined 45% since then.In 2018, the bank announced plans to cut 2,000 jobs by 2021, around 500 of which have gone so far.
This week, AIB, BoI and Permanent TSB announced losses in the first half of the year of €700 million, €669 million and €75 million respectively. Ulster Bank, a subsidiary of the London-listed NatWest Group, announced a loss of €276 million last week.