Govett Investments, AIB's investment business in London, has put in place a major rationalisation programme which will see more than 10 per cent of the workforce lose their jobs. Seventeen staff out of 140, including three fund managers, are being made redundant as part of a cost-cutting exercise in response to the recent downturn in financial markets.

On the dismissal of fund manager Mr Rupert Walker for the critical comments he made about split capital investment trusts, the Govett spokesman said that his dismissal was now going through the AIB appeals procedure.