Bank of Ireland to cut 260 jobs by end of the year, with further redundancies expected
In a statement to
The Journal
, a Bank of Ireland spokesperson said: 'As we set out in February at our 2024 Annual Results, Bank of Ireland will become a leaner and more efficient organisation over the period ahead.'
The spokesperson said the bank doesn't have a 'headcount target' but expects the 'headcount to reduce over the next two years'.
By the end of this year, Bank of Ireland expects to reduce its workforce by 260 through a redundancy programme.
Meanwhile, the spokesperson said that the bank will not replace some of those who may resign or retire.
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Further job losses are expected next year and this is said to be part of a bid to keep running costs at €2 billion in both 2026 and 2027.
'But all the way along with this change, we will continue to invest in our people so that we can future-proof the company for a sustainable future,' said the spokesperson.
An interim report for the first half of 2025
which was published today showed that Bank of Ireland's net profit fell to €608 million – down from €877 million the year previous.
The report also found that costs were 3% higher than during the same period last year, 'with higher staff and other costs partly offset by efficiencies'.
Staff costs, excluding pensions, stood at €450 million, €20 million higher than the first half of 2024.
As of the end of June, the number staff employed by Bank of Ireland was 11,268, which is 215, or 2%, higher when compared to the 11,053 in the first half of 2024.
Elsewhere, in its interim report Bank of Ireland described the first half of the year as a 'period of significant volatility following announcements from the US administration on proposed trading tariffs'.
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