Allied Irish Banks unveils losses and job cuts

| April 12, 2011 | 0 Comments

Allied Irish Banks (AIB), which was the fourth Irish bank to be nationalised, has today revealed a loss of €10.16 billion (£9 billion) for the 2010 year, compared with a loss of €2.3 billion the previous year.

Meanwhile, the bank also announced it would axe more than 2,000 jobs in 2011 and 2012 in order to cut costs.

The bank, which is 93% owned by the taxpayer, said business and market conditions remained challenging and it intends to dispose of non-core assets and wind down others.

However, there are fears for a further 4,000 job losses as the bank undergoes a major restructure, according to unions.

David Hodgkinson, interim executive chairman of AIB, said: “The job cuts will be spread across the organisation because the bank as a whole has to slim down from the size it was.

“We expect to get the vast majority on a voluntary basis,” he added.

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