The Irish Bank Officials' Association (IBOA) has described a 3 per cent profit share offer to Bank of Ireland staff as "derisory".
The union, which represents most of Bank of Ireland's 18,000 workers, said the decision had "infuriated staff who, having worked hard to ensure the bank's record profitability, believed that with profits increasing to record levels, they would also benefit and not have their profit share cut."
It said last year an independent third party had recommended the bank should provide for a 4 per cent increase for staff given the impact on staff arising from the implementation of the Group Transformation Programme (GTP).
"In response, Bank of Ireland Management chose to ignore the recommendation and pay a 3.5 per cent employee stock allocation to staff," the IBOA said.
"This year's announcement of a 3 per cent award adds further insult to injury, particularly when they are announcing unprecedented profits and proposed job losses of 2,100."
The union warned the management's attitude "does not auger well for talks on the Bank's latest cost-reduction programme".
IBOA general secretary Mr Larry Broderick said: "The decision by the bank to reduce the Bank's Employee Stock Issue Scheme from 3.5 per cent last year, on the same day that they announced record profits of over €1.32 billion illustrates an astounding arrogance by Bank management towards staff."