AIB LOSES 2,000 JOBS

AIB will this week announce it intends to shed 2,000 jobs across its operations on a phased basis and is also expected to outline plans to reduce its loan portfolios by up to €19 billion, according to The Sunday Times.

The Irish Bank Officials Association (IBOA) has called an emergency meeting of its AIB executive committee for tomorrow [Monday] to seek a meeting with the bank’s senior management amid fears of even higher job losses in future.

This week’s announcement is expected to be the tip of the proverbial iceberg where employee reductions are concerned, with precise numbers and packages to be negotiated with staff representatives over the coming months.

It is estimated that up to 6,000 jobs could go under what executive chairman David Hodgkinson told staff in an email last month would involve “transforming our behaviour and embedding new values”.

Part of that transformation would appear to be the launch of a €22m venture capital fund for investment in early-stage companies, according to The Sunday Business Post, which says details are being finalised and will be announced over the coming weeks.

The AIB fund is the latest to target early-stage firms, following the announcement by Bank of Ireland (BOI) in December of a €17m seed fund. BOI, Enterprise Ireland and the University of Limerick also operate a €26m early-stage fund.

All of these capital funds are part of the conditions of the government bailouts for the banks.

If you are an early-stage firm looking to avail of these funds conatct Noone Casey here.