Difficult day for staff as Ulster Bank exit looms large

16 November 2022

Timelines for redundancies contingent on progress of exit plans – says FSU

Ulster Bank has today announced the first major redundancy programme arising from the Banks decision to withdraw from the Irish market. In total this will see an exit of six hundred staff on redundancy beginning in April 2023.

Commenting on the announcement Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU said:

“While today’s announcement brings some clarity to the situation and was expected it is still a worrying and difficult time for staff. No one wants to receive word before Christmas that their job will be gone in the new year.

This announcement follows months of intense talks between the FSU and Ulster Bank resulting in members voting to accept redundancy terms and the saving of over six hundred jobs with workers moving to PTSB and AIB. We are currently negotiating with NatWest in Northern Ireland on a process to secure as many of the four hundred and fifty roles based in Northern Ireland which service Ulster Bank in the Republic of Ireland. To date this process has resulted in over fifty redeployments across the Bank. Talks will continue despite this announcement today.

Commenting on the announcement John O’Connell, General Secretary of the Financial Services Union said:

“We have highlighted to the Bank that the implementation of the redundancy programme is contingent on the progress of the account closure and opening processes which to date is not sufficiently advanced.

There needs to be some flexibility on the timelines announced to ensure that the exit happens in an orderly manner. We will continue to work with the Bank to get the best outcome possible for our members.”