Are job losses in the banking sector inevitable?

Do you know something we should know? Hard to know what the workers can do at this point, those at the top have mucked it up for everyone.
 
You're right - the top (especially in this case) really have mucked up. As usual, the little people pay the price. And they are being condemned by their fellow workers who are advancing the plans (after signing the secrecy agreements). Maybe a bit of agitation and lobbying might not go amiss?
 
I'm intrigued now, secrecy agreements? havent heard this one, not suprisingly if its a secret I suppose. Would you like to elaborate
 
I really wouldn't. I don't fancy becoming part of the CEO's moleskin coat! A bit of googling will give you the organisation and I think I've outlined its fate (and the fate of the majority of its branches). Two weeks or so to the announcement. I'm off underground.
 
yoganmahew said:
Anyway, back on topic, I think the difficulty of merging of IT systems is overstated. There are already procedures in place allowing customers to move accounts and taking all their payments with them. So I don't see a long-run overlap in the IT department.

I can't see any way that a two insolvent banks merging would be in a position to do anything other than slash their dual locations - it is already planned to happen with the merger of Lloyds and HBOS in the UK.

On the other hand, some of the former building societies are still run as separate businesses (Ulster Bank and First Active, for example, are both owned by Bank of Ireland). So it may be that the 'functions' of the banks will be split with one half being run as a 'savings and loans' with the other half being run as a retail bank (depending on the combinations). But in the event of real insolvency-type trouble, I can't see that this would be a solution to create well-capitalised banks that could lend.
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I've been through an IT integration programme 3 times(twice in the UK, once in Ireland) in the financial services sector with a bank merging/moving from one platform to it's parent groups system. End to end, from planning and design stage to completion , on each occassion, it took approx 12 months. The actual move only took a weekend, but most banks have so many different systems in place it is complicated to do so and have no visible impact on customers
 
"The Ulster Bank Group has announced 750 redundancies in Ireland and the ending of the former building society First Active brand by the end of the year."

Someone must have leaked that early - it wasn't supposed to be announced till the end of the month!
 
Well Mr. Mole you seem to have access to info us mere employees of FA dont so perhaps you could offer an opinion which might help me decide whether to take the money and run or attempt to move to UB.

Do you think this move is a tidying up of the situation so that UB is in a better position to be got rid of totally down the road. I am sure RBS dont care too much about Ireland at the moment and I personally think if they could have off loaded the lot they would have.

Therefore would I be better getting out now and taking my chances in this non-existent job market or moving to UB and ending up in the same if not worse situation in a few years time?
 
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