Anglo Irish Bank has announced it intends to cut 350 employees from its workforce by the end of next year.

The bank which has been guaranteed and nationalized by the Irish government informed staff  yesterday morning of their plans to downsize, which will see 130 redundancies in the Republic of Ireland.

Currently the bank employs some 1,280 staff. A spokesperson from Anglo said the job losses would be on a voluntary basis, adding that if sufficient numbers were not reached a policy of compulsory redundancy would be implemented.

The General Secretary of the Irish Bank Officials Association (IBOA) said he was disappointed but not surprised by the planned job cuts.

“We will be seeking clarification of both the scope and rationale for the restructuring proposals,” he said.

“While we acknowledge that the bank has indicated its preference that redundancies should be implemented on a voluntary basis, IBOA will urge management to strengthen that commitment so as to avoid making any staff redundant on a compulsory basis given the current employment situation in the financial services sector."

Ireland’s two most toxic banks—Anglo Irish and Irish Nationwide Building Society were merged on July 1 and renamed the Irish Bank Resolution Corporation (IBRC).

The number of unemployed workers in Ireland increased by 1,500 in July, according to the latest figures from the Central Statistics Office.

Ireland’s unemployment rate currently stands at 14.3 percent. The latest statistics show that almost four times as many women joined the signed onto the live register last month.
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The former Anglo Irish BankGoogle Images