Halifax Bank of Scotland Huge Job Losses for Ireland

ardmacha

While tragic for the people concerned this does not cause huge job losses. The same amount of banking will take place, people will just move elsewhere and the jobs in those other banks will be safer as a consequence.

I guess that's 751 out of a job if you include Colm Meaney

Quite a lot of good ads wasted.

dfbemt

ardmacha wrote: »

Quite a lot of good ads wasted.

They've ruined the Vincent Browne show though.

I notice how the share values on the main banks dropped after this announcement.

Will we see similar or worse job losses at the remaining main banks? Surely the Anglo jobs are on a knife edge now?

cormie

Pity to hear about the job losses

I'm one of the people with them only for their Visa Debit card, the 5pm and Saturday morning opening times were dead handy too.

So is this Ulster Bank Visa Debit pretty much the same? Are there any important differences to note? Guess I'll be opening an account with them soon, more paper work

AlekSmart

Another bit of vacant space in Sandyford "New Town" also.

Bad day all round but probably inevitable as the retail banking sector attempts to get it`s retaliation in first......who`s next ??

JonathanAnon

https://www.youtube.com/watch?v=fDGzgmPe7Ow

Why the hell did they bother bringing Meaney home over to film this then?

jimmycrackcorm

dfbemt wrote: »

The apathy is appaling. Another 750 on the dole. More social welfare payments to be found. Less tax coming in. Less spending in local businesses.

In the Dail this afternoon the Taoiseach says that he 'regrets' the job losses but is 'pleased' that the remaining jobs have been saved. Is he for real?

What apathy - were you expecting a magic wand fix? At least they didn't completely pull out of the country.

znv6i3h7kqf9ys

ardmacha wrote: »

the jobs in those other banks will be safer as a consequence.

How naive........ the rest will follow imo

tunney

Lets be perfectly clear about this. These 750 job losses do not count when calculating the reduction in pay for private sector workers.

znv6i3h7kqf9ys

tunney wrote: »

Lets be perfectly clear about this. These 750 job losses do not count when calculating the reduction in pay for private sector workers.

Ok Let's, because you are not being "perfectly clear" expand

jmayo

ardmacha wrote: »

While tragic for the people concerned this does not cause huge job losses. The same amount of banking will take place, people will just move elsewhere and the jobs in those other banks will be safer as a consequence.


Quite a lot of good ads wasted.

What ???
The other banks are all crocked, our indigenous ones are desperate for government handouts, sorry correction taxpayers money, while the foreign onwed ones are being told by parents scale back.

All of our own banks are in some sort of difficulty.
IN has supposedly 8 billion of sh*** for NAMA thanks you that very well connected *anker fingelton.
Anglo has 30 odd billion for NAMA and if the Irish glass bottle site is anything to go by then it's worth about 5 billion.
BOI and AIB supposedly could need anythign upto 14 billion in recapitalisation after they have offloaded the sh*** to NAMA.
PTSB is very exposed in the residential mortgage market and it has been rumoured that IL&P wants shut of the P part and get it mashed in with the likes of EBS and IN.
EBS is not so bad, but EBS members and the state should thank the brave effors of Ethna Tinney former director for this fact.

As to foreign owned entities in Ireland.
Ulster is at mercy of the decisions of RBS in UK, just like First Active was.
ACC has been only bank really chasing their debts becaseu Dutch parent Rabobank realises they are not invited to NAMA party and that Irish developers are dead men walking.
NIB is following parent Danske Bank's orders and scaling back, tightening their
loan books and may eventually pull out.

So no this announcement does not mean others are safer.

dfbemt wrote: »

They've ruined the Vincent Browne show though.

I notice how the share values on the main banks dropped after this announcement.

Will we see similar or worse job losses at the remaining main banks? Surely the Anglo jobs are on a knife edge now?

Anglo is a zombie.

JonathanAnon wrote: »

https://www.youtube.com/watch?v=fDGzgmPe7Ow

Why the hell did they bother bringing Meaney home over to film this then?

Becuase maybe the guys commissioning the ads weren't party to the decisions of the Loyds Group board meetings ? :rolleyes:

jmayo

Leonel Thundering Soy wrote: »

Ok Let's, because you are not being "perfectly clear" expand

Well there was one public sector job loss this week.
A fellow who is kinda well known reisgned from his public sector job on Kildare Street.

Ahh what the **** am i saying, he took up his old job which pays him evenmore than the one he gave up.
Only in the public sector ehhh :rolleyes:

znv6i3h7kqf9ys

jmayo wrote: »

Well there was one public sector job loss this week.
A fellow who is kinda well known reisgned from his public sector job on Kildare Street.

Ahh what the **** am i saying, he took up his old job which pays him evenmore than the one he gave up.
Only in the public sector ehhh :rolleyes:

Think you are in the incorrect thread

Dempo1

Its a real mess no matter what way we look at this, an unprecedented move for a high street bank to close its branch network and it certainly does not bode well for general confidence. This decision featured on a number of English channels all day yesterday. I am a customer of Halifax and i found them excellent, particularly the additional opening times. Its shocking news for their employee's, some of whom i know left other retail banks to join Halifax.

Watched an interesting discussion on Vincent Browne last night and perhaps i am missing something but all the experts continue to say, banks are not lending, won't in the near future, most are dysfunctional right now and i won't get started on NAMA which is already in trouble before it even starts. Where this is all going to end is hard to say but small businesses and Mortgage Holders are suffering terribly right now, as for then anticipated turn around in 2010, i have not seen any evidence of it or even a hint of it. I work in the hospitality sector and its a mess right now and i doubt there is a single Hotel, Restaurant or Bar turning a profit right now and Job losses are a daily occurance and are growing all the time.

Amhran Nua

Halifax are apparently only the beginning...

THOUSANDS of jobs are now on the line as other banks gear up to follow yesterday’s decision by Bank of Scotland (Ireland) to dramatically slash costs.

The UK-owned bank is making 750 workers redundant as it closes 44 Halifax retail branches.

It claimed the operation was “too small’’ to succeed in a tough economic climate. It is the first case of a bank here resorting to compulsory redundancies since the financial crisis began.

The two main domestic banks, AIB and Bank of Ireland, are expected to reduce staff numbers significantly later this year after relying on natural wastage up to now. That accounted for more than half the 6,000 job cuts announced over the past 14 months.

Unions and analysts now fear that it is only a matter of time before both unveil redundancy schemes.

A senior banking analyst said: “The two main banks are coming under increasing pressure in this regard, particularly as they are looking to raise billions of euro of capital in the market in the coming months.”

Between them the big two employ 25,000 people.

Depending on how many they let go, the employment situation in Ireland grows ever bleaker.

znv6i3h7kqf9ys

Joe Higgins (CEO)has just been speaking with bank of scotland ireland staff. He has told them that for the last 7 months they have tried to get together with the other smaller banks to form a 3rd force in Irish banking. The other banks did not want Bosi to be part of it and Brian Cowen says he was surprised? I seriously doubt that the government did not know that this was coming. More lies from our elected.

uberwolf

Leonel Thundering Soy wrote: »

Joe Higgins (CEO)has just been speaking with bank of scotland ireland staff. He has told them that for the last 7 months they have tried to get together with the other smaller banks to form a 3rd force in Irish banking. The other banks did not want Halifax to be part of it and Brian Cowen says he was surprised? I seriously doubt that the government did not know that this was coming. More lies from our elected.

FYP

znv6i3h7kqf9ys

uberwolf wrote: »

FYP

No need, Bank of Scotland Ireland staff are being let go too. They have an office in Chapel house with 200 staff that support Halifax and are being let go as well

Sleepy

General sentiment amongst BOI staff seems to be that this is only the beginning. Huge holes (larger than the market capitalisation of the banks) have appeared in the banks' pension funds which seems to be most staffs biggest worry atm.

uberwolf

Leonel Thundering Soy wrote: »

No need, Bank of Scotland Ireland staff are being let go too. They have an office in Chapel house with 200 staff that support Halifax and are being let go as well

I meant in respect of the third force. You may yet see the commercial arm (BoSI) involved in the third force, but Halifax had nothing to offer in that regard.

sjflan

I'm really disappointed that Halifax is pulling out of Ireland. When they arrived they were a breath of fresh air, not just wth their advertising, but more importantly with the service and products they offered.

Visa Debit cards, a current account with 5% interest rate, a good online service, excellent telephone service, a nice branch experience and very friendly staff (whom I feel the most for, God love them).

The sad thing is it's less competition for the pathetic, outdated BOI and AIB who will continue to p!ss all over us with outrageous charges, poor service and poor products while the government bails them out.

If only more people had woken up to how badly they were being treated by the traditional Irish banks and moved this might not have happened.

Where do I go to now for my banking?!?!

ei.sdraob

by pouring money into Anglo,AIB, BOI etc

we directly affected other banks negatively

hence why the EU is unhappy about these bailouts since its highly anticompetitive

dan_d

the Gov must have known this was coming.
As a halifax customer I heard whispers of this up to 6 months ago.
yet another example of how little our Gov cares. I really resent having to go back to either AIB or BOI.

Foolish Penny

jmayo wrote: »

What ???
The other banks are all crocked, our indigenous ones are desperate for government handouts, sorry correction taxpayers money, while the foreign onwed ones are being told by parents scale back.

That's some interesting commentary there - I've been trying to convince all and sundry to pull their money and close their accounts with the cowboy banks (my post here: http://bit.ly/auyxGH) - I've had a few friends and family close their accounts already. But I'd really appreciate your comments on the tack I'm taking.

timefora_J

I too just wanted to express my disappointment, I've been using Halifax for some time and always found their service to be miles ahead of the competition.

The visa debit card and extended opening hours were the main reason for going with them but once I started using them I found their customer service to be outstanding.

Ulster bank seem to be offering a visa debit card also and are advertising on their site about the Halifax closure and how to switch from Halifax to Ulster Bank. I will be setting the wheels in motion once I get paid day out of the way on Friday.

Hope the staff find greener pastures also.

sjflan

Foolish Penny wrote: »

That's some interesting commentary there - I've been trying to convince all and sundry to pull their money and close their accounts with the cowboy banks (my post here: http://bit.ly/auyxGH) - I've had a few friends and family close their accounts already. But I'd really appreciate your comments on the tack I'm taking.

With you on that!

jmayo

Foolish Penny wrote: »

That's some interesting commentary there - I've been trying to convince all and sundry to pull their money and close their accounts with the cowboy banks (my post here: http://bit.ly/auyxGH) - I've had a few friends and family close their accounts already. But I'd really appreciate your comments on the tack I'm taking.

I have still accounts in one of the major Irish banks but also have accounts in foreign owned banks.
Did I move money out of Irish banks and into foriegn owned banks ? Yes but I had done that previously anyway for returns.
I would say spread money around, never put all your eggs in one basket.
BTW i am not rich by any stretch of the imagination but what few quid I do have I would like to hang on.

The problem is that we have signed upto saving them firstly with bank guarantee and then with NAMA.
We are tied to them and FG/Labour know this as well.
The die has been cast so to speak.

I believe that they should have let Anglo go and be dammed.

At this stage we (the taxpayers) should fully own AIB and BOI.
Anglo and IN should be defunct and no longer in existence.
The former governor of central bank, former chiefs executives (note the plural here) should have been fired and should now be sat in court, or at very least in front of Dail DIRT type committee, answering questions live on tv as to why they were criminally negligent in monitoring the banking activies in the state.
They have admitted they knew and were aware of some of the dodgy deals, yet they did nothing.

The former CEO and chairman of Anglo together with fingers should be sharing a cell with Anto and Deco.
The board and executives of IL&P should be answering why they helped pervert the accounts of Anglo.

The Goodbodys stock broking firm should no longer be trading.

Will any of the above ever happen ?
I reckon we have better chances of winning the world cup in South Africa. :rolleyes:

Scofflaw

RogueT wrote:

You would think with the number of jobs being lost John Gormely wouldnt be making decisions like this....John, the unemployed of South Dublin salute you.

Let's be clear, here. Threads in this forum are about their OP, and those who use every single thread as a place for irrelevant anti-Government whinging will be penalised. Cherrywood planning has nothing to do with the thread topic.

moderately,
Scofflaw