Bank of Ireland's plan to 2,100 jobs at a time of record profits was described today as "morally reprehensible" by a banking union leader.
IBOA General Secretary Larry Broderick, told an Oireachtas Comittee it is "totally unacceptable" and "morally reprehensible" for a bank reporting profits of €1.3 billion to simultaneously announce plans to axe over 2,100 jobs.
"No one, not least Bank of Ireland, should underestimate the shock and anger from staff and customers alike at their decision" Mr Broderick said.
In its presentation to the Oireachtas Committee, IBOA disputed the bank's rationale for the cost-cutting programme particularly in relation to the arguments on the cost/income ratio, pointing out that the bank made similar arguments only three years ago in a previous cull of jobs and branches.
The IBOA's presentation also pointed out that there is no direct correlation between cost/income ratio and increased profitability with many of the most profitable banks in Europe with ratios in excess of 50 per cent.
The IBOA claimed the job losses will have a negative impact on the national economy and "makes a mockery of social partnership."