More than 1,400 Bank of Ireland staff have applied for voluntary redundancy, exceeding the number of job cuts that the lender is targeting over the coming years, sources told The Irish Times.
The bank has set a deadline of Wednesday afternoon for employees to signal an interest in the voluntary severance scheme.
“The scheme has been well received internally. This follows extensive engagement with colleagues over the past few weeks to provide guidance and advice on all the options available to them,” a bank spokesman told The Irish Times, who declined to comment on the number of applications.
Bank of Ireland announced in early August that it planned to cut its workforce from 10,400 to 9,000 over time as the ongoing squeeze on lenders’ incomes from an extended period of ultra-low interest rates and muted demand has been exacerbated by the Covid-19 crisis.