Bank of Ireland aims to cut 1,400 jobs in UK and Ireland

Bank of Ireland has indicated that it aims to cut 1,400 jobs from its UK and Ireland operations.

The bank said it had launched a group-wide voluntary redundancy programme.

This would see staff numbers reducing to fewer than 9,000 from a current workforce of 10,400.

In its half year results, Bank of Ireland said Covid-19 had a material impact on its financial performance in 2020.

Irish broadcaster RTE said the bank had earlier reported a loss of €669m (£604m) before tax for the first six months of the year, after putting aside €937m (£845m) mainly to cover losses related to Covid-19 loan repayment breaks.

The banks lists 28 branches in its Northern Ireland network.

Francesca McDonagh, Bank of Ireland CEO, said: "We're being prudent and comprehensive. Everything has to be seen through the prism of Covid-19."