Irish Banks May Need More Than Planned 6,000 Job Cuts, IMF Says
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Ireland’s three surviving domestic banks may need to cut more than 6,000 jobs already planned as they struggle to return to profit, the International Monetary Fund said.
Allied Irish Banks Plc, Bank of Ireland Plc and Permanent TSB Group Holdings Plc, based in Dublin, are lowering staff numbers after a real estate bubble burst in 2008. The lenders are aiming to reduce the 2011 combined job workforce of 30,000 by a fifth, the Washington-based fund said in a report on the nation’s bailout program yesterday.