trending Market Intelligence /marketintelligence/en/news-insights/trending/qhsK5kYgm4CbDjaoUw8XPg2 content esgSubNav
In This List

AIB mulls 1,000 job cuts by 2022-end, CEO says

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Banking Essentials Newsletter: September Edition

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers


AIB mulls 1,000 job cuts by 2022-end, CEO says

AIB Group PLC CEO Colin Hunt is planning to reduce the company's total workforce to below 9,000 by the end of 2022 from the current headcount of 10,000, the Irish Independent reported.

Hunt said the job reduction proposal will be part of a three-year plan that will be presented to the Irish lender's board in November, according to the Oct. 13 report. Hunt noted that the group will carry out the layoffs in an agreed manner and will disclose details on the strategy when it publishes its annual results on March 6, 2020.

Currently, AIB is eyeing 200 redundancies through a voluntary severance program, the report said.

The preferred headcount of 9,000 employees is not expected to reduce the number of services that the group will offer over the next three years, but fewer personnel will be working in credit arrears as the bank cuts its nonperforming exposures, according to the report. About 20% of AIB's workforce currently work in credit arrears, although the bank still expects to hire people in that division.

Meanwhile, Hunt said the Dublin-based bank is seeking regulatory approval to return excess capital to shareholders in 2020.