UNION CALLS FOR BANK OF IRELAND TO REVIEW RETAIL STRATEGY AFTER PROFIT ANNOUNCEMENT

Issued : 29 July 2016

UNION CALLS FOR BANK OF IRELAND TO REVIEW RETAIL STRATEGY AFTER PROFIT ANNOUNCEMENT

 

 The Financial Services Union (FSU) has welcomed this morning’s announcement by the Bank of Ireland that it made pre-tax profits of €557m for the first half of 2016.

 

In light of that performance, which reflects the loyalty and motivation of staff and customers, the FSU is asking the Bank to reconsider its retail strategy.  Last week the Bank announced that it was going to close over 20% of its branch network in Northern Ireland.

 

The FSU’s General Secretary, Larry Broderick, said:

 

“Pre-tax profits of €557m is a significant achievement for Bank of Ireland, something which could not have happened without the support of staff and customers.

 

“Given these significant profits the Bank needs to revisit its plans to close over 20% of its branches in Northern Ireland.  These are vital services which are being withdrawn from local communities.  The Bank must listen to customers and engage with the Union to review its plans and consider alternatives.”

 

Mr Broderick added:

 

“The Financial Services Union also welcomes the Chief Executive’s reassurance that there are no plans by the Bank to react to the increased deficit in the staff pension scheme by altering the terms of that scheme. 

 

“As a marker for all employers in the financial sector, the FSU will not accept employers citing short-term volatility in the markets as an opportunity to attack workers’ pensions.

 

“The Union proposes to meet the Bank of Ireland Chief Executive over the coming weeks to engage further on the Bank’s future strategy.  In particular the Union will seek assurances on jobs and future retail strategy.”