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AIB temporarily suspends hiring, promotion to manage costs

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AIB temporarily suspends hiring, promotion to manage costs

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.