STOCK MARKET WATCH -- Friday, 18 May 2012

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72. Bank of Ireland lays out scheme for further job cuts

http://uk.reuters.com/article/2012/05/18/uk-bankofireland-idUKBRE84H0DO20120518

(Reuters) - Bank of Ireland (BKIR.I) has agreed a voluntary redundancy scheme with employees which their trade union said would pave the way for up to 1,000 more job cuts at Ireland's largest bank.

The bank has already reduced its workforce by around 20 percent since the country's property crash in 2008, is in the midst of a sector-wide overhaul that will see it cut its balance sheet by 30 billion euros by the end of 2013.

Chief Executive Richie Boucher said in February that the bank would be look at making efficiency gains for a "long, long time" and a spokeswoman for the bank said it had not identified an exact number of employees it expected to take the package.

The Irish Bank Officials Association (IBOA), the trade union representing the bank's employees, said in a statement that it would recommend the terms to its members for acceptance.