Irish bank to make 2,500 employees redundant

Posted 07/03/2012

Around 2,500 members of staff at Allied Irish are facing redundancy, with the bank increasing the number of people it is to let go by 25 per cent.According to a report by Bloomberg, this would be the biggest example of job cuts in the Irish banking sector in history.Officials at the bank and the Finance Ministry declined to comment, although two sources from the institution anonymously confirmed 2,500 employees are facing redundancy.A spokesman for Ireland’s National Pensions Reserve Fund, which holds the state’s stake in the bank, also refused to give a comment to the news provider.Last year, Allied Irish announced it was intending to let go more than 2,000 members of staff as a result of posting huge losses, but this would see a further 500 employees told their positions were being cut.The bank has been in existence since 1966, but was formed in a merger from three banks established in the 19th century.