Not a good day for Ulster bank staff

Biggins

Just been announced on tv news, 600 of Ulster bank staff to be let go.
350 in the north.

Not a good sign of things to come.

DrumSteve

Biggins wrote: »

Just been announced on tv news, 650 of Ulster bank staff to be let go.
350 in the north.

Not a good sign of things to come.

And it won't be the bosses I bet.

Gmol

That's pretty awful for them, I think all the banks will be letting staff go over the next few Years unfortunately.

emmetmurphy

I have an Ulster Bank Account

charlietheminxx

I was wondering why there were photographers outside the big Ulster Bank on the quays in Dublin this morning.

That's awful Hate to hear of a batch of people losing their jobs....

dave1982

Hope a disgruntled employee decides **** Ulster banks and delete my mortgage account

Sindri

Rebel!!!

AngryPensioner

Offshore banks will pummel their market in the coming years. What banks don't offer in comparison, is a reasonable level of banking privacy. With just a PPS number, any Government Official can snoop through your bank account.

This is why I don't use Irish Banks anymore:D

Blikes

That sucks, i prefer Ulster Bank to the others, Rarely ever a line, all the people behind the desk are really nice!

Now all that might change, at least their Online banking is good, i won't have to go into the branch if it gets that way!

CamperMan

the ba stard bosses will probably give themselves a BIG bonus! :mad:

Cunning Stunt

cue sit-ins by Ulster Bank staff...

brimal

Also Tesco have announced today sales down 2.3%. Sounds like a small percentage but for the biggest supermarket in UK this is very very serious.

Could have repercussions for the Irish stores.

Will I Amnt

dave1982 wrote: »

Hope a disgruntled employee decides **** Ulster banks and delete my mortgage account

Get them to do mine while they're at it.

brimal

Just checked Tesco share price - it's dropped around 14% today already

Biggins

You would think RTE news would get their numbers right! http://www.rte.ie/news/2012/0112/ulsterbank.html

Ulster Bank has confirmed that it is planning to cut 950 jobs from its Irish operations, with 600 jobs to go in Northern Ireland and 350 redundancies planned in the Republic.

* http://img685.imageshack.us/img685/4466/capture2gwj.jpg

Yet TV3 and Sky news say the CORRECT, other way around! http://www.tv3.ie/news.php
* http://img705.imageshack.us/img705/6583/capture1lc.jpg

EDIT: Now corrected by RTE.

dave1982

950 jobs to go

Frank Black

What kind of redundancy packages are being offered?

One would presume just statutory, given that ultimately the Irish taxpayer will be funding.

Biggins

black francis wrote: »

What kind of redundancy packages are being offered?

One would presume just statutory, given that ultimately the Irish taxpayer will be funding.

Well to be fair, if they have paid their contributions from their wage packet - like every other legit, through the books, worker does - they are entitled to it.

Cold comfort for them.

smash

Banks always offer good packages. I'd be surprised if it's just statutory. Either way we'll all pay for it. But lets face it, the staff that will be cut won't be the ones responsible for any of the mess and given the current climate I hope they get a decent package because they could be out of work for a while.

MugMugs

black francis wrote: »

What kind of redundancy packages are being offered?

One would presume just statutory, given that ultimately the Irish taxpayer will be funding.

Ulster Bank is owned by The RBS group so owned by the queen. They were not bailed out by the Irish Government.

HavingCrack

black francis wrote: »

What kind of redundancy packages are being offered?

One would presume just statutory, given that ultimately the Irish taxpayer will be funding.

The Irish taxpayer will not be funding it-Ulster Bank were not bailed out as they did not lend to developers. As a result I don't really understand why they need to lay off staff, I assumed they were still profitable.

MugMugs

HavingCrack wrote: »

black francis wrote: »

What kind of redundancy packages are being offered?

One would presume just statutory, given that ultimately the Irish taxpayer will be funding.

The Irish taxpayer will not be funding it-Ulster Bank were not bailed out as they did not lend to developers. As a result I don't really understand why they need to lay off staff, I assumed they were still profitable.

They were one of the first UK banks to nearly fold. They lended just as recklessly as our banks did.

racso1975

Well when i get home Henry Hippo is going straight to the bin!!!!!!!

Biggins

HavingCrack wrote: »

The Irish taxpayer will not be funding it-Ulster Bank were not bailed out as they did not lend to developers. As a result I don't really understand why they need to lay off staff, I assumed they were still profitable.

Royal Bank of Scotland is to axe 3,500 jobs in its investment banking arm in its latest attempt to reduce the risks it runs and focus on its most profitable operations...

Unite, the union recognised inside the RBS retail banking arm, calculated that in the UK alone 22,000 roles had gone across the group since the 2008 financial crisis. In total, some 33,000 jobs have gone under Hester's tenure. More cuts are expected at its Ulster Bank operation later on Thursday...

The investment banking division – known as global banking and markets (GBM) – is to be renamed markets and international banking and will be run by the current boss of GBM John Hourican, who is line for a bonus of an estimated £4.5m later this year.

http://www.guardian.co.uk/business/2012/jan/12/rbs-axe-3500-jobs-investment-banking?newsfeed=true

:eek:

Full statement from them: http://hereisthecity.com/2012/01/12/royal-bank-of-scotland-reorganisation-full-statement/

HavingCrack

Biggins wrote: »

http://www.guardian.co.uk/business/2012/jan/12/rbs-axe-3500-jobs-investment-banking?newsfeed=true

:eek:

Full statement from them: http://hereisthecity.com/2012/01/12/royal-bank-of-scotland-reorganisation-full-statement/

:eek:

How many jobs could that £4.5 million save?

So effecitvely the company as a whole is still profitable but the retail branches aren't?

Nothingbetter2d

i stopped using ulster bank years ago when they were fiddling people's accounts. money would go missing from my account.... i wasnt the only one... the same happened to my mum and sister, turned out the bank manager was on the take... he was since fired.

smash

Nothingbetter2d wrote: »

i stopped using ulster bank years ago when they were fiddling people's accounts. money would go missing from my account.... i wasnt the only one... the same happened to my mum and sister, turned out the bank manager was on the take... he was since fired.

Surely this would have made the news and he'd be in jail.

Biggins

Nothingbetter2d wrote: »

i stopped using ulster bank years ago when they were fiddling people's accounts. money would go missing from my account.... i wasnt the only one... the same happened to my mum and sister, turned out the bank manager was on the take... he was since fired.

smash wrote: »

Surely this would have made the news and he'd be in jail.

In a lot of cases (just like the once ever long denials that bank machines could be indeed be ripped-off) the banks don't like to admit their practises are open to been taken advantage of and don't like to bring publicity upon themselves so that the the public would notice their error in their ways/practises.

...So they just quietly let such staff go!

AngryBollix

This is an unfortunate by product of gettng the banking system back to its proper levels.

You cant have one without the other unfortunately. Theres likely to be more where that came from

smash

Biggins wrote: »

In a lot of cases (just like the once ever long denials that bank machines could be indeed be ripped-off) the banks don't like to admit their practises are open to been taken advantage of and don't like to bring publicity upon themselves so that the the public would notice their error in their ways/practises.

...So they just quietly let such staff go!

I know I ended up with a similar scenario happen to my account but one phone call sorted it out fairly quickly, with compensation. But I don't believe it was rampant.

AngryBollix

AngryBollix wrote: »

This is an unfortunate by product of gettng the banking system back to its proper levels.

You cant have one without the other unfortunately. Theres likely to be more where that came from

Just like the building sector, it got too big for the economy that it sits in, and now will be forced to shrink back to a manageable size.

Things won't start to improve until the parasitic elements of the banking sector are forced to shrink as well. The City of London for example where they just spend all the time lending money to each other without the real economy benefiting, that's an area that could do with some serious downsizing.

thebiglad

smash wrote: »

Banks always offer good packages. I'd be surprised if it's just statutory. Either way we'll all pay for it. But lets face it, the staff that will be cut won't be the ones responsible for any of the mess and given the current climate I hope they get a decent package because they could be out of work for a while.

Not so - I left bank employment in 2011 and the package was 4 weeks per year worked (to include statutory).

I know it is better than many but not quite the numbers that used be seen flying around!

Lollipops23

While it's terrible that so many people will lose their jobs, I've found Ulster Bank to be the worst of all the banks regarding customer service. None of the banks are great, but anyone I've dealt with in there have been obnoxious assholes.

gigino

Deleted User wrote: »

Just like the building sector, it got too big for the economy that it sits in, and now will be forced to shrink back to a manageable size.

+1. The country has only less than the population of Greater Manchester : I wonder how many bank workers are in Manchester. Some of our bank executives here are paid more than double the salary the UK prime minister is paid ( he gets 142.5 k a year stg, for a 7 day week on call ) , so this little IMF statelet can do with a bit of downsizing all right in certain sectors.

HellFireClub

HavingCrack wrote: »

The Irish taxpayer will not be funding it-Ulster Bank were not bailed out as they did not lend to developers. As a result I don't really understand why they need to lay off staff, I assumed they were still profitable.

Lmao I'll have some of whatever you are smoking, it was Ulster Bank who lent Sean Dunne €326.5 Million for the Ballsbridge site that set the record for the highest cost ever paid for an acre of land in this state after the site was valued at €520 Million!

http://en.wikipedia.org/wiki/Se%C3%A1n_Dunne_%28businessman%29

Lollipops23

Lollipops23 wrote: »

While it's terrible that so many people will lose their jobs, I've found Ulster Bank to be the worst of all the banks regarding customer service. None of the banks are great, but anyone I've dealt with in there have been obnoxious assholes.

I've found the complete opposite tbh

th3 s1aught3r

Unfortunatley all the banks will need to be downsized in staff over the coming months

gigino

I wonder what will happen to the bright spark in the suit who decided the bank should lend tens of million per acre for a piece of ground ? Will the high up people be chucked out / end up serving in McDonalds ? I doubt it.

**Timbuk2**

bluewolf wrote: »

I've found the complete opposite tbh

Exact same, any Ulster Bank staff I have dealt with have been lovely, it's always a pleasure when I have to go into the branch. And the queues never seem to be as bad as the other banks.

The Saturday openings were very convenient!

nice1franko

AngryBollix wrote: »

This is an unfortunate by product of gettng the banking system back to its proper levels.

You cant have one without the other unfortunately. Theres likely to be more where that came from

That's true to a certain extent but, in this case, a number of jobs are being outsourced to India.

ronan45

Time to Mobilize the strategic default squad:D