Allied Irish Banks PLC to cut 2500 jobs in Ireland and UK

Allied Irish Banks PLC said it will seek to lay off 2,500 staff, or about one-in-six of its total payroll across Ireland and the U.K., in what it says is the single largest announcement of Irish finance job losses since the country was overwhelmed by its banking crisis in 2008.

The bank, once Ireland’s largest lender but which was effectively nationalized last year, said the layoff plan follows talks it held with the Irish finance ministry and labor unions. It aims to save EUR170 million to help its loss-making operations return to profitability. About half the jobs will go by agreement this year.

Allied Irish employs 12,500 in the Irish republic, 1,300 at its First Trust unit in Northern Ireland and over 1,000 staff at its AIB GB unit in Britain.

From FoxBusiness