IBOA warns of rolling job losses
Issued : 17 August 2010
The main banking union is calling for the establishment of a taskforce to help stave off mass job losses.
The Irish Bank Officials' Association (IBOA) is predicting that up to 4,000 of its members will be made redundant in the next year.
IBOA spokesman Larry Broderick says many parties were involved in the "mismanagement" of the sector and it is ordinary bank workers who are paying the ultimate price.
"Well I blame the bosses, I blame the government, I blame the Regulator - that's the reality that the industry is in a very significant bad state; and ultimately there will have to be job losses to address that " he said.
"We're highlighting that there's significant scope to try and minimise some of these by looking at now putting a task force to try and look at retaining jobs in the industry".
"But inevitably there will be significantly more job losses in the next 6-12 months" he added.
He also says the recent job losses announced by Bank of Ireland will be replicated almost all other financial institutions.
"Each of the other State institutions are looking at re-structuring - all will entail significant job losses" he said.
"Then we're looking at a scenario as we've seen this morning where a lot of the foreign banks are re-visiting the role of their institutions in Ireland; we've seen MBNA announce 66 jobs and I think this'll be a rolling scenario".
"So what we're now seeing is the human face of our members now facing the ultimate sacrifice which is job losses because of the mis-management of the industry" he added.
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