Bank of Ireland to close branches
- Thread starter Leper
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Independent has the number at 103
Brendan Burgess
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It's terrible news.
I haver the same reaction to when I heard the news that Guinness was laying off all its coopers in the 1950s. It's crazy, they should have kept them on, even if they were not needed.
And the invention of the printing press was really no excuse in the 1400s for the monasteries to get rid of their scribes.
We should not allow technology to change the world. We should not allow the banks that we bailed out and part own to close branches just for the sake of being efficient and profitable.
Let's ban all electronic money so that people are forced back to using cash and cheques.
Brendan
I haver the same reaction to when I heard the news that Guinness was laying off all its coopers in the 1950s. It's crazy, they should have kept them on, even if they were not needed.
And the invention of the printing press was really no excuse in the 1400s for the monasteries to get rid of their scribes.
We should not allow technology to change the world. We should not allow the banks that we bailed out and part own to close branches just for the sake of being efficient and profitable.
Let's ban all electronic money so that people are forced back to using cash and cheques.
Brendan
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Thanks for that sympathetic post Brendan. I'm sure all the school leavers and college graduates and their parents will be sympathetic with you as a result of less jobs etc being available to them.
. . . and not only that, I'm sure those in BOI who have their jobs under threat will be referring money spending clientele seeking financial advice in your direction.
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Whilst I agree to some extent with Brendan; I would argue that better strategic planning would have enabled the company to reduce the branch network over time.
Thus ensuring that staff could be reduced/ retired/ redeployed over time.
Announcements like this, to me, show that senior managers weren't doing their job.
Thus ensuring that staff could be reduced/ retired/ redeployed over time.
Announcements like this, to me, show that senior managers weren't doing their job.
Gordon Gekko
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Any school leaver or graduate who has gone into retail banking over recent years hardly deserves much sympathy.
It’s akin to investing in mid-price high street clothing for women or rural pubs.
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The initial news says that most of these branches are "self-service" branches:
"The branches closing are predominately self-service locations which do not offer a counter service, Bank of Ireland said. The branches are due to close from the end of September."
I am not aware of this type of branch, what exactly are they?
Branches around the country, in towns, typically have counter staff.
"The branches closing are predominately self-service locations which do not offer a counter service, Bank of Ireland said. The branches are due to close from the end of September."
I am not aware of this type of branch, what exactly are they?
Branches around the country, in towns, typically have counter staff.
NoRegretsCoyote
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That would be the opposite of strategic. It's much simpler to do it all in one go than to have a constant drip-drip of small closures.
It's better politics both internally and externally.
Brendan Burgess
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I have always wondered about this when companies announce 300 job cuts but they are not closing any actual operation. It sounds as if they were inefficient for years.
In 2018, BoI was going in the opposite direction:
This is what she said to the Oireachtas in 2018
The third part of our transformation programme is our business model – how we are structured, and how we serve our customers.
I want to ensure that digital service is combined with a physical presence and personal touch. This is particularly true for Bank of Ireland where we are committed to maintaining our extensive branch network which currently operates in 265 locations in communities across Ireland, the largest reach of any bank.
I have listened carefully to feedback from our customers since taking up my role as CEO. It is clear we need to improve the service we provide. Amongst a number of initiatives, we are now increasing our full-service branches by more than 160% - from 61 to 164.
These branches will have a counter service during the full day, not just morning hours. We are also increasing the number of employees in our branches and contact centres – this is again in response to customer feedback on the need for more accessible support for day to day banking.
Brendan
Around 200 staff will be effected. They will be redeployed and/or offered voluntary redundancy. That means each branch employs an average of less than 2.5 people. This is a continuation of the inevitable increase in the move to electronic banking.
The total transactions which take place in all of the branches combined are about the same as three days of electronic transactions through the banks website.
An Post will be taking over many of the face to face banking functions. Since An Post is subsidised by the exchequer that means that BoI will now be subsidised by the exchequer.
The total transactions which take place in all of the branches combined are about the same as three days of electronic transactions through the banks website.
An Post will be taking over many of the face to face banking functions. Since An Post is subsidised by the exchequer that means that BoI will now be subsidised by the exchequer.
NoRegretsCoyote
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The vast majority of post offices are operated on a franchise basis on commercial terms.
AFAIK only 50 or so are directly run by An Post.
An Post is subsidised?
Is it?
I am not aware of any direct subsidy to An Post?
Are you referring to the DSP contract?
Yes, it accounts for more than a third of their revenue.
fidelcastro
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Must be great to have your wisdom Gordon.
Wait, yes I know the answer. Let's all invest in stocks & shares for perpetuity ... 6% yield and all that. The Wisdom of Soloman as central banks print money to inflate assets for the vulture funds. What wisdom... creativity...
Wait oh, my sons and daughters, friends and family starting off ? Where should they live and what employment can they expect... Sod them, Im all right Jack...
Gordon Gekko
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That’s life. If someone is starting off now and they’re pursuing a career as a bank teller, how can they deserve any sympathy?
I don’t think there’s any wisdom at all in avoiding certain sectors that are clearly screwed.
We’re not even talking about callous dismissal of the plight of buggy whip vendors post the introduction of the automobile. We’re talking about people going into buggy whip retail when there are cars driving around!
The benefit of wisdom, experience and a broad perspective on life and the economy is a great thing. Alas, usually only held by those with life experience.
The reality is that the average 18-22 year old school-leaver and college graduate probably doesn’t have the benefit of such perspective.
Gordon Gekko
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Ah come on. The average school-leaver or college graduate has parents, friends, aunts, uncles, guidance counsellors, etc.
If someone has pursued a career in retail banking recently, they absolutely deserve to be filleted.
It’s sad on a human level, of course it is, but they don’t deserve much sympathy. It wouldn’t have taken Nostradamus to predict this.
List of branches closing:
www.thejournal.ie
Here's the full list of 103 Bank of Ireland branches set to shut across the island
The branch network in Ireland will reduce from 257 to 169 and from 28 to 13 in Northern Ireland.
www.thejournal.ie
fidelcastro
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Expecting any improvement in service or reduction in banking / mortgage fees as a consequence is wishful thinking. The only beneficiaries are BOI top brass and the shareholders, the losers are customers, staff and tax-payers.