Ulster Bank to Shut 39 More Branches

http://www.rte.ie/news/business/2013/0702/460170-ulster-bank/

Ulster Bank has confirmed that it will close up to 39 branches on the island of Ireland, in an effort to return the group to profit by 2016.

The bank said it would cut its branch network from 214 to between 175 and 185 but did not give a breakdown of where the closures would occur.

In a presentation to investors, the bank said its plans would "significantly" reduce its workforce, from around 5,800 full-time staff to between 4,000 and 4,500 by 2016.

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This follows other previously announced branch closures by Ulster, AIB, BoI, Danske and PTSB.

The media have focused on the need to create a sustainable bank as a key reason, the ongoing migration from branches to online banking is obviously the other main reason.

The knife has already cut through the Corporate and Commercial arms, targeting the retail channel was always going to happen.

It is a shame but a reality of all that has gone before, they can dress it up but there will be further job cuts and significant ones, Ulster is heavily reliant on the UK taxpayer, it is cut cut cut in order to survive or be thrown to the market by the UK Govt. with a sale at the worst possible time.

The staff in the State owned banks must be thanking their stars, I cannot understand why they have not had cuts on a multiple based on size alone along the scale Ulster has already undertaken, 1000 back in 2009, 500 this year and natural attrition over the past 4 years, AIB / BOI should have had 1000's of losses by now but we the Irish taxpayer continue footing the bill, at least the Management at Ulster are trying to deal with their issues and survive.