AIB to shed 2,000 jobs

Frowzy

How do people feel about this announcement?

Developers have been critisied and Public Servants have been crucified... so do you think that it's time bankers cut back? Is this announcement is a good or a bad thing?

AIB have said that if they can reduce their workforce by 2,000 then they can bring the bank back to profit. Presumably this will mean they can start to pay us back for bailing them out? Unfortunately I feel that it's the lower grades who will pay for the mistakes/bad management of the "Big Boys".

Just wondering how others feel?

oppenheimer1

I don't know if its a good or a bad thing but I did know it was inevitable.

starbelgrade

Well apart from their debt collection departments, the banks are doing **** all business, so it'd make sense for them to cut back on staff & wages.

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

squod

I believe it when I see it. Like every other statement about banks in this country, you can't take anyones word for it. It's probably horseshit.

squod

starbelgrade wrote: »

Well apart from their debt collection departments, the banks are doing **** all business, so it'd make sense for them to cut back on staff & wages.

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

Ah now wait. RTE told me it was impossible to do. Everyone know RTE would never lie!

Bullseye1

No doubt the wrong people will lose their jobs.

starbelgrade

squod wrote: »

Ah now wait. RTE told me it was impossible to do. Everyone know RTE would never lie!

What baffles me is that the government trot out the same line every single time when it comes to talk of burning bondholders & the new government are no different to the last... it's the line where they try & instill some sort of morbid fear into people by saying, "what if you woke up in the morning & there was no money in the ATMs?"

Well, fuckedy boo. What if? Most people these days don't even have any money in the bank to take the fucking stuff out, so it'd make shag all difference.

Plus it happened in Iceland. The ATMs stopped pumping out cash. There was mild panic, then half an hour later they were working again.

No biggie.

Anyway, I've enough food in the store under the stairs to last me 3 weeks.

Johro

Frowzy wrote: »

How do people feel about this announcement?

Developers have been critisied and Public Servants have been crucified... so do you think that it's time bankers cut back? Is this announcement is a good or a bad thing?

AIB have said that if they can reduce their workforce by 2,000 then they can bring the bank back to profit. Presumably this will mean they can start to pay us back for bailing them out? Unfortunately I feel that it's the lower grades who will pay for the mistakes/bad management of the "Big Boys".

Just wondering how others feel?

Or they could sack two top level execs and reap the same benefit.

Johro

starbelgrade wrote: »

Well apart from their debt collection departments, the banks are doing **** all business, so it'd make sense for them to cut back on staff & wages.

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

Cement shoes come to mind.
'Sleeping with the fishies'.

General General

Johro wrote: »

Or they could sack two top level execs and reap the same benefit.

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

Spudmonkey

starbelgrade wrote: »

Well apart from their debt collection departments, the banks are doing **** all business, so it'd make sense for them to cut back on staff & wages.

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

And in order to capitalize this bank, we can go into smyths. Buy all the monopoly board games they have, take out the money, and ask this new bank to dispense this from all ATMs.

General General

Spudmonkey wrote: »

And in order to capitalize this bank, we can go into smyths. Buy all the monopoly board games they have, take out the money, and ask this new bank to dispense this from all ATMs.

With what shall we buy them? Dear Liza, dear Liza...

Logical Fallacy

Frowzy wrote: »

Presumably this will mean they can start to pay us back for bailing them out?

LoL, now THAT is comedy right there.

squod

Spudmonkey wrote: »

And in order to capitalize this bank, we can go into smyths. Buy all the monopoly board games they have, .

Lol, they've already done that.

Ireland central bank counterfeited 51 billion Euros out of thin air. The amount is not backed by government bonds. Nor was it a loan from the ECB or anyone else. The money is counterfeit in every sense of the word.

Read more: http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1#ixzz1JM39ebVW

Do you not watch the news?

Spudmonkey

General General wrote: »

With what shall we buy them? Dear Liza, dear Liza...

It's self-funding. We buy one game (for 15-20 yoyos, however much one costs) and all subsequent ones shall be both with the money from each game. There is several thousand in each box.

It's so simple, I'm actually worried there may be a flaw of some sort.

Spudmonkey

squod wrote: »

Lol, they've already done that.



Do you not watch the news?

Nnnnnnnngggghhhhhh :mad:

Those idea thieving bastards.

Johro

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

I found most 'ordinary Joe's' pretty competent. Which is more than can be said for the guys at the top. They may know what to do, but doing it is another matter.

Jigglypuff

starbelgrade wrote: »

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

You can't though. That's people's pension funds from Germany and the likes, if we burn the bondholders, and WHEN not IF we run out of money, do you really think the bondholders will just give us more money and forget about the fact that because of us they lost their investments, pensions etc? No. And I also don't wanna listen to this crap about their short-term memories and how they'll happily re-invest. Left-wing shcrap.

squod

Jigglypuff wrote: »

You can't though. That's people's pension funds from Germany and the likes, if we burn the bondholders, and WHEN not IF we run out of money, do you really think the bondholders will just give us more money and forget about the fact that because of us they lost their investments, pensions etc? No. And I also don't wanna listen to this crap about their short-term memories and how they'll happily re-invest. Left-wing shcrap.

Yeah blowing the national pension reserve fund in Ireland to support those same banks was a great idea ! The lols keep coming tonight.

EverEvolving

I thought that in law bond holders get paid first (my limited law knowledge may be an issue here) so therefore if the banks were to collapse, wouldn't we have to pay them first anyway? Even before anyone else gets a penny?

When you say let the bond holders burn, what is meant by that, I'm pleading ignorance here as I really don't know.

Would it mean a really hostile environment from Europe trade wise if we were to do that, and in the long run, could that be even more detrimental?

Sorry for all the questions, but I really don't know.

squod

EverEvolving wrote: »

I thought that in law bond holders get paid first (my limited law knowledge may be an issue here) so therefore if the banks were to collapse, wouldn't we have to pay them first anyway? Even before anyone else gets a penny?

When you say let the bond holders burn, what is meant by that, I'm pleading ignorance here as I really don't know.

Would it mean a really hostile environment from Europe trade wise if we were to do that, and in the long run, could that be even more detrimental?

Sorry for all the questions, but I really don't know.

It makes no odds now anyway. People voted in favour of austerity, austerity we shall get.

Sergeant

starbelgrade wrote: »

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

Populist nonsense of the worst type.

So we tell the EU to "shove their bailouts up their holes". Then what? How do we set up a proper bank? With what? How do you propose we pay for social welfare payments, public sector salaries, public infrastructure projects; the liquid flow of money required to keep the country running?

Do you think we should think about leaving the Euro and printing our own currency? Approaching the Chinese and asking them to back the new currency? How can you see a default working?

saywhatyousee

Sergeant wrote: »

Populist nonsense of the worst type.

So we tell the EU to "shove their bailouts up their holes". Then what? How do we set up a proper bank? With what? How do you propose we pay for social welfare payments, public sector salaries, public infrastructure projects; the liquid flow of money required to keep the country running?

Do you think we should think about leaving the Euro and printing our own currency? Approaching the Chinese and asking them to back the new currency? How can you see a default working?

Interest free money my friend printed by the government not by private organisations.The monetary system we have today is nothing short of lunacy.
The euro and the us dollar are just expensive toilet paper they have no material value "its all in your head".We should revert back to the gold stantard the way the system always should of been

Run_to_da_hills

Flicking through the titles on this forum, I thought that this thread was about AIB building a shed for 2000 Jobs.

CommuterIE

starbelgrade wrote: »

Well apart from their debt collection departments, the banks are doing **** all business, so it'd make sense for them to cut back on staff & wages.

What would make more sense though, would be to shut them down entirely, tell the EU to shove their bailouts up their holes, then set up a decent bank with proper regulation, capped salaries for all executives and common sense lending policies.

And before anyone says, "you can't sink the bondholders", my answer is, yes you fucking can.

Fantastic idea, our banking system collapses.... people wake up one morning to find they can't withdraw any money, social welfare payments aren't made... no injection of capital through the economy... yes you've really thought this out haven't you? :rolleyes:

galwayrush

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

The banks clearly need better execs.:rolleyes:

1966

squod wrote: »

I believe it when I see it. Like every other statement about banks in this country, you can't take anyones word for it. It's probably horseshit.[/QUO



Maybe it's just me but thought the redundancy figure was low. Consider aib have multiple branches in some towns and that's not including ebs now.


I reckon 2000 redundancies is only the start here and long service employees on higher salaries will be targeted first.

Freddie59

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

I have to assume that's a wind-up comment. I hope so - after the mess these 'top level execs' got the banks into in the first instance. But, like always, there's no reality - either within the banks or the Government. We had Larry Broderick on the radio yesterday waffling on about how he was going to meet the Taoiseach and Minister for Finance and tell them that job losses must be kept to a minimum, with no compulsory redundancies.

FFS what planet is this man on? They shouldn't even be trading - let alone have anyone employed. A small company went to the wall recently in Waterford. The workers turned up and it was locked up. They'll probably have to wait months for redundancy.

Yet we - the taxpayers - are footing the bill for keeping this dozy shower in 'work'??!! It defies belief. What a joke of a country, Government, and economy.

melekalikimaka

starbelgrade wrote: »

What baffles me is that the government trot out the same line every single time when it comes to talk of burning bondholders & the new government are no different to the last... it's the line where they try & instill some sort of morbid fear into people by saying, "what if you woke up in the morning & there was no money in the ATMs?"

Well, fuckedy boo. What if? Most people these days don't even have any money in the bank to take the fucking stuff out, so it'd make shag all difference.

Plus it happened in Iceland. The ATMs stopped pumping out cash. There was mild panic, then half an hour later they were working again.

No biggie.

Anyway, I've enough food in the store under the stairs to last me 3 weeks.

what happened in iceland is not anything close to here, i silly comparing the two and just leads to confusion for people

Freddie59

CommuterIE wrote: »

Fantastic idea, our banking system collapses.... people wake up one morning to find they can't withdraw any money, social welfare payments aren't made... no injection of capital through the economy... yes you've really thought this out haven't you? :rolleyes:

I tend to agree with him. What needs to be targetted is the source of our day to day deficit of €18bn.

* We have a Health system that no-one seems to be in charge of, and which is guzzling money at a disproportionate rate.

* We are paying wage rates beyond our means in some sectors. It was revealed recently that the CEO of Rehab is on €400k:eek:a year.

* We are paying a huge amount of people 'disability' on the SW. Many of these appear to be Lourdes cases.

* The exodus of cash via Children's Allowance payments and SW to people living in foreign countries is hemorrhaging money.

The list is endless. If we got our own house (and cash) in order we could well and truly tell the EU to eff off.

It was truly cringeworthy to listen to Brian Hayes having to pull the Government horns in on the reduction in the EU/IMF rate. After all the chest beating before the election, he trotted out much the same line as you did about ATMs blah blah and that you couldn't default. And that they never wanted to do it anyway.

When Matt Cooper pointed out that burden sharing (a main prop on their pre election rhetoric) was the same thing, he then went on to say that they'll still push for a "reduction". As I said - a joke shop of a Government. And they're only in there a wet day.

As suspected, the EU/IMF and now well and truly in charge. While the ones that got us into this in the first place party on the Costas. A great little country.

Freddie59

Jigglypuff wrote: »

Left-wing shcrap.

I'm far from left-wing. But a large amount of 'burning the bondholders' holds true. These people, via proxy Irish banks, backed a horse called the Irish Property market. And it lost. How many losing stakes were refunded after Aintree last Saturday?

the groutch

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

and they're the ones who helped get the banks into this mess, they should be first out the door

starbelgrade

Sergeant wrote: »

Populist nonsense of the worst type.

So we tell the EU to "shove their bailouts up their holes". Then what? How do we set up a proper bank? With what? How do you propose we pay for social welfare payments, public sector salaries, public infrastructure projects; the liquid flow of money required to keep the country running?

Do you think we should think about leaving the Euro and printing our own currency? Approaching the Chinese and asking them to back the new currency? How can you see a default working?

I love the way people try & dismiss anything they disagree with these days as "populist nonsense". It's a real "catch-all" phrase, which ironically is in itself, populist, as people love to hear it as a response to an argument.

It saves having to engage in the debate as it's usually followed up by a list of negative, counter-argumentative questions, without any real substance or any real points to counter the argument.

Freddie59

starbelgrade wrote: »

I love the way people try & dismiss anything they disagree with these days as "populist nonsense".

For 'populist nonsense' write 'views of the mainstream population' - which are generally dismissed by an active and vocal minority.

mikemac

There is recruitment in funds industry so some staff will pick up jobs in Dublin and Cork.
Tough for other staff throughout the country, they will have to relocate probably.

2,000 jobs to go is a huge amount but they've shed a lot of jobs over the past two years with no fuss or headlines.

Banks employ lots of young people and there is always high turnover with staff going traveling for a year or maybe doing a masters or other examples.
These were largely not replaced.

holystungun9

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

A touch condescending don't cha think? Also, terrible assumption that the top level execs will vision how we can action etc. If they are the right people for the job then yes they should.

suitseir

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

Yea, and we can see what those TOP EXECS have done over the last couple of years?

It is time to distinguish between the ordinary joes behind the counter and branch management, who by and large, have been in high street banking for a long time and KNOW the customer....their discretion was taken from them a long time ago and therein, lies the problem!!! If lendings as such were left to the local bank manager etc. most of the applications would NEVER have been sanctioned! This is just a personal opinion!

mikemac

General General wrote: »

Excuse me! We need those top level execs... THEY are the ones who will vision how we can action our way out of this mess... not the ordinary joe behind the counter who finds it difficult operating a rubber stamp.

I'd say you're the sort who walks into a branch and screams at the cashier "we own you now"

Probably tells the Gardaí "I pay your wages" while you are it

holystungun9

Ouch, triple combo for General General

mikemac

Ha, I hadn't noticed

Good work tag team
High five!

DazzlerIE

This scheme will be massively over-subscribed. There have been a LOT of people hanging on in AIB waiting for something like this to be announced

There'll be people who apply, and won't get it

suitseir

Presume the banks can afford to pay these bank officials a decent redundancy?

Does anybody know if these banks are still making operating profits? From the queues I see in a lot of branches of the two main banks, they seem to be CONSTANTLY busy?

I would imagine, and its only a personal opinion, for what it is worth, what with the fees and charges etc. that we, the customers, have to pay, despite the losses we read about, there must be some profit in banking!!!!???? Am I incorrect in assuming this?

Doublin

Freddie59 wrote: »

For 'populist nonsense' write 'views of the mainstream population' - which are generally dismissed by an active and vocal minority.

+ looking after their own self interests. No interest in the overall picture.

bryaner

holystungun9 wrote: »

Ouch, triple combo for General General

Lol

Mushy

The most inevitable announcement, my mother has been waiting for it for the last two years. Really demoralising when it has been over their heads for so long. And no, she is not one of those idiots in head office, where the office is the ass and their heads are in it.

Was told last night that each customer had pre-sanctioned loans for the €3000 mark...outrageous really. It could go higher depending on criteria too. So yeah, affects my family badly, but I'll still pay my taxes to save the asses of my mothers employers.

And GeneralGeneral, I really hope your being sarcastic. Please say you are? If not, I pity your sorry elitist "brain".

LinoRichie

suitseir wrote: »

Does anybody know if these banks are still making operating profits?

Are you mental?

http://www.rte.ie/news/2011/0331/anglo.html
http://www.rte.ie/news/2011/0412/aib-business.html
http://www.rte.ie/news/2011/0302/ilp-business.html
http://www.rte.ie/news/2010/0419/irishnationwide.html
http://www.independent.ie/business/irish/bank-of-ireland-posts-losses-of-euro125bn-2292316.html

Freddie59

The head of AIB claimed yesterday the bank had turned a corner, or words to that effect. After posting a €12bn loss. He'll probably say tomorrow that they're heading back to profitability. Can they EVER get back to profitability (in the actual world)?

1966

suitseir wrote: »

Yea, and we can see what those TOP EXECS have done over the last couple of years?

It is time to distinguish between the ordinary joes behind the counter and branch management, who by and large, have been in high street banking for a long time and KNOW the customer....their discretion was taken from them a long time ago and therein, lies the problem!!! If lendings as such were left to the local bank manager etc. most of the applications would NEVER have been sanctioned! This is just a personal opinion!

how right you are!
long gone the days when gut instinct & local knowledge counted for anything in Banking - in the heady days of the Celtic Tiger, if the 19 year old plasterer could prove his income of €2k p.w. then he got the €300k Mortgage - termed out of course until he reached 65 just to give him breathing space of course & no questions asked when he sought finance for a new SUV.
whatever about the bankers & brokers on commission - could these guys parents not put them right ??????????

cosmicfart

Can someone actually tell me were all our BILLIONS of loaned euros have gone, i know it 'went' to the banks but were?

Dangerous Man

As a 1980's businessman I have to say I saw this coming. In fact, you could say that I am in a large way responsible for this. It was, after all, my mantra that 'greed is good' that hugely influenced the minds and actions of these bankers. My only regret is that not enough ethically run airlines were bought out by unscrupulous businessmen and then sold off piecemeal to turn a quick buck - pulling a fast one over Martin Sheen.

Fremen

Dangerous Man wrote: »

As a 1980's businessman I have to say I saw this coming. In fact, you could say that I am in a large way responsible for this. It was, after all, my mantra that 'greed is good' that hugely influenced the minds and actions of these bankers. My only regret is that not enough ethically run airlines were bought out by unscrupulous businessmen and then sold off piecemeal to turn a quick buck - pulling a fast one over Martin Sheen.

Your sequel sucked hairy balls.