UK-based NatWest Group’s subsidiary Ulster Bank has decided to lay off 266 employees to cut costs as the Covid-19 pandemic affects its income.
The current crisis also pushed bank customers across the industry to conduct their banking transactions digitally.
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The number of redundancies represents a tad below 10% of the bank’s total workforce.
The job cuts will affect 213 employees in the Republic, and 53 employees living in Northern Ireland.
However, these 53 employees work at the Ulster Bank Ireland office in the Republic.
Ulster Bank Ireland is separate from Ulster Bank Northern Ireland.
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By GlobalDataThe lender intends to offset this retrenchment by planning to create 57 new positions, half of which is anticipated to be based in the Republic.
A spokeswoman for Ulster Bank said: “We have announced the next phase of our programme to reduce our costs which includes operational changes and a reduction of 266 roles, which we aim to achieve on a voluntary redundancy basis, where possible.”
Last December, the bank cut 175 management roles. However, it deferred its retrenchment plans to deal with the pandemic.
The bank has reduced its headcount by more than 1,000 employees since the 2009 financial crisis, to size up its balance sheet.
Currently, Ulster Bank employs 2,800 people.
Before the pandemic began, the bank also reduced its branch network in the Republic from 190 to 88 branches.
