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AIB reveals plans for job losses

Tuesday April 12th 2011

Allied Irish Banks (AIB) has announced plans to axe more than 2,000 jobs.

Following difficult business and market conditions the group recorded a 10.4 billion euro (£9.2 billion) loss last year and said costs need to be lowered, with staff going on a phased basis over the next two years.

With these job cuts looming on the horizon, it might be an opportune time for workers to secure Income Protection insurance and give themselves a safeguard in case the worst happens.

The 10.4 billion euro (£9.2 billion) loss last year compares with 2.3 billion euro (£2 billion) in 2009.

AIB, which is now 92.8% state-owned, needs a further 13.3 billion euro (£11.7 billion) bailout after the results of long-awaited stress tests.

The Irish Government is hoping to shrink the state's struggling banking sector from six homegrown lenders to two so-called pillar banks.

One banking "pillar" will be formed by a merger of AIB and EBS Building Society, while Bank of Ireland will become the second "pillar".

AIB currently has 12,000 staff working in its Irish divisions and another 2,507 based in Britain.

The group said the commitment of further state support outlines its importance to the domestic Irish economy.

Copyright © Press Association 2011

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