AIB Group PLC has temporarily suspended hiring and promotion at the Irish lender in an attempt to manage its rising costs, The Sunday Times reported.
The group witnessed a 6% increase in its first-half operating expenses, with personnel costs being the main driver, and its shares fell by almost 40% since it reported its first-half results July 26, the report noted.
The lender said it is focused on being simple and efficient, and managing costs remains a priority. AIB informed the Financial Services Union that it put in place a temporary hold on recruitment and promotion as part of its efforts to tighten cost discipline.
