Irish banking group AIB Group PLC could accelerate job reductions in 2020 after previously suspending appointments and promotions to improve operating efficiency and manage rising costs, The Irish Times reported, citing sources.
The news comes as the ECB's low interest rates continue to dent banks' income, with Ulster Bank Ireland DAC also planning to make redundancies as per its CEO, Jane Howard, according to the Sept. 27 report. Permanent TSB PLC CEO Jeremy Masding previously said the key battleground for banks will be improving their operating efficiencies at a time of lower for longer official interest rates.
There are currently no plans for large-scale redundancies at AIB, sources added. The bank's CFO said in March that the 1,400-strong workforce in its loan-restructuring unit could be targeted for cuts, the publication noted.
AIB's average number of staff declined to 9,801 in 2018 from 10,137 the previous year as per its latest annual report, the paper said.
