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Ulster Bank to lay-off 750 staff Ulster Bank to lay-off 750 staff
(21 minutes later)
More that 700 jobs are to be lost at the Ulster Bank in Northern Ireland and the Republic of Ireland as part of a cost-cutting plan, the bank has said.More that 700 jobs are to be lost at the Ulster Bank in Northern Ireland and the Republic of Ireland as part of a cost-cutting plan, the bank has said.
The lay-offs will be rolled out on a voluntary basis, according to the group.The lay-offs will be rolled out on a voluntary basis, according to the group.
The cost-cutting plan will see 550 jobs lost in the Republic, with a further 200 redundancies in Northern Ireland. The cost-cutting plan will lead to 550 job losses in the Republic, with a further 200 Northern Ireland lay-offs.
Ulster Bank said it will shut down its mortgage and investment arm First Active as part of the scheme.Ulster Bank said it will shut down its mortgage and investment arm First Active as part of the scheme.
The merger will mean the amalgamation of First Active and Ulster Bank branches in 45 locations throughout Ireland. The group, part of Royal Bank of Scotland, said that it had to "adapt to prevailing market conditions, while strengthening the organisation and its all island reach".
Debt
The plan includes making the Ulster Bank Group a single brand in the Republic, with the merger of its specialist mortgage and investment arm, First Active into the main Ulster Bank.
The bank said it would be holding meetings with employees and employee representatives to discuss details of the severance package.
The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland.
The bank, founded in Belfast in 1836, said its plans in Northern Ireland included measures to support customers, experiencing financial difficulties including.
The plan includes funding for the provision of debt advice, staff secondment for debt agency work and a six month postponement on house repossession after a customer first goes into arrears.