Bank of Ireland is planning to reduce its workforce as part of a digitally-driven efficiency initiative, according to CEO Myles O’Grady. This decision comes despite the bank reporting a profit of €1.9 billion in 2024, indicating a slight decline from the previous year. The high street bank has also reaffirmed its commitment to maintaining its branch network, which currently consists of 182 locations across the country.
O’Grady mentioned to reporters that job reductions are necessary to keep operating costs at around €2 billion. Last year, operating costs increased by 6% to €1.97 billion, excluding regulatory charges and government levies. A further rise of 3% is anticipated in 2025.
While the bank employs approximately 11,200 individuals, O’Grady stated he does not have a specific “headcount target.” Instead, the objective is to create a “more lean organisation.” He expects full-time employment levels will decline over the next three years. Although there may be some “targeted redundancies,” there is currently no comprehensive, bank-wide layoff plan in place.
It remains uncertain whether the job cuts will affect employees on the technology side of the business. The bank has made significant investments in technology in recent years, including a €100 million investment announced in January for retail and SME services. This follows a €50 million expenditure last February to upgrade ATMs at its branches. Additionally, Bank of Ireland initiated a recruitment drive last June to hire 100 technology specialists to enhance its digital channels.