IBRC REDUNDANCIES:IRISH BANK Resolution Corporation, formerly Anglo Irish Bank, is expecting to reduce its headcount by the targeted 350 this year as applications for its latest voluntary severance plan closed last night.
Staff are being offered four weeks’ severance pay for every year of service, including the two weeks’ statutory entitlement.
The bank said some 130 voluntary redundancies are sought while the remainder will come from the sale of businesses.
About 50 staff are leaving the bank’s Boston and New York operations following the sale of the $9 billion (€7 billion) US loan book.
A further 50 are employed at IBRC’s wealth management division, which is being sold.
About 20 per cent of staff at IBRC are leaving outside of the bank’s voluntary redundancy plan, with many moving to rival Irish banks, including the State-owned AIB.
The head count at what is now IBRC has fallen from a high of 1,800 in 2008 when Anglo Irish Bank was at its biggest.
The latest voluntary redundancy programme is the most recent to be offered by the bank.
Anglo announced 230 redundancies in 2009 when staff were offered a better deal – four weeks’ pay for every year of service in addition to the two weeks’ statutory pay.
Some 240 staff at Irish Nationwide Building Society moved to Anglo Irish when they merged in July 2011 before the enlarged bank was renamed IBRC in October.
