RTE has today reported that Ulster Bank is seeking 175 voluntary redundancies from its Irish workforce, with the cuts aimed at its manager grade or above.

The bank has a workforce of 2,973 on the island of Ireland, of which 658 are classified as manager grade or above. Ulster Bank said the cuts will have no impact on its branch structure or services, adding that no branch managers will be affected by the redundancy scheme. 

Ulster Bank said the voluntary redundancy scheme will open today and close on January 8.

According to the RTE report, the bank said the move reflects its programme to manage costs and improve its cost income ratio in a low interest rate environment building on its ongoing programme of smaller restructures around the business.

Source: www.businessworld.ie