Managers at Ulster Bank are reportedly meeting with union officials today to discuss the company’s restructuring plans.
A source familiar with the matter said the Royal Bank of Scotland subsidiary was planning job cuts but declined to comment on the number.
They said an announcement was likely tomorrow when RBS publishes details of its restructuring plans tomorrow.
Ulster Bank is attempting to save about €50 million. This would be the second round of job cuts at Ulster Bank since the financial crisis. It cut 1,000 jobs went in 2009. At the end of 2010 it had 4,400 staff.
There is speculation that RBS could seek to cut about 5,000 investment banking jobs in total.
Local banks and foreign lenders servicing the Irish economy have shed 6,000 jobs since 2008, when the country's financial crisis hit, according to an estimate from the finance union, the Irish Bank Officials Association.
RBS bought Ulster Bank in 2000 and expanded its Irish operations three years later through the acquisition of building society First Active.
RBS lent aggressively during Ireland's property boom and has been saddled with big losses on these loans, including impairments of £1.1 billion in the first nine months of last year.
The review of its global banking and markets (GBM) division will see RBS say it plans to sell or shut some businesses, such as cash equities and other parts of the its corporate broking business.
Some parts of GBM will be merged with its payments business Global Transaction Services.
Reuters/Bloomberg