Northern Rock, the UK bank nationalized in February, will cut 1,300 jobs and is to consult with employees about the plans immediately.
About 800 of the workers face compulsory redundancy, with the remainder leaving voluntarily, the Newcastle, England-based company said today in a statement.
In February Northern Rock had around 24,000 customers in Ireland with €2.4 billion on deposit although a significant amount of this may have been withdrawn since then as a result of the troubles at the bank. Updated figures for its Irish account holders were not immediately available.
Bloomberg