BOSI - Job losses 750

[Grumpy Jack]

This is not unique to Ireland.

HBOS has been slashing jobs across the UK since Lloyds took it over with the backing of the British government.

Lloyds stokes union fury as job losses after HBOS merger deal reach 8,200 - Times Online

BBC NEWS | Business | Lloyds announces 5,000 job cuts

650 Scots jobs to go as RBS announces 3700 face axe in UK - The Daily Record

Lloyds marks one year since HBOS merger with more job cuts | IBTimes

Why do people here think Ireland could possibly escape such cuts when banks and banking are in such a mess?

[ectoraige]

what does this mean for those of us with Halifax current accounts and mortgages with BoS? Have to say I found banking with Halifax excellent - having switched from AIB about six months ago. Great service, great opening hours and the convenience of the visa debit card is something I'll miss a lot...

Redundancies not planned until May at earliest, so should be business as usual for the time being, once the staff have assimilated the news today. There had been talk of Nationwide in the UK entering the market here, if there's any substance to that they may be interested in the existing branch network, but I haven't heard anything to that effect for some time.

Ulster Bank started offering a Visa debit card recently, after about ten years of trials, and about three years after Halifax.

[revereie]

This isn't unique to Ireland. Every bank is retrenching back to its own home country - Irish banks are selling off assets across Euope and the States, as is every British/US bank. Its no surprise its happening here.

Its to appease home regulators domestically (but also to shore up capital reserves).

[White Horse]

Halifax BOSI pulling out of Ireland, 750 jobs lost | Newstalk - Ireland's National Independent Talk Radio Broadcaster


If there was a future for banking in Ireland would they have stayed ?

Seems drastic.

Feel sorry for the 750 staff that had good wages & pensions.

Devastation

At least George Lee is back at his cushy RTE job.

Someone else will have to work for the 750.

[Anorakphobia]

There is no doubt in my mind BOSI were the most cavalier lender in the State during the supposed boom (with the obvious exception of Fingers ATM for the elites dressed as a bank)
Their CEO at the time has however done an incredible PR job on himself and is seen in some quarters as a sort of messiah figure.
Remember a few months ago he claimed he had a war chest of billions to buy up distressed properties using Mark's unique skills at assessing real values of property in Ireland!
That seems to have gone quiet!!!

[kerrynorth]

Did we not already hear about them pulling out around six months ago?

Yeah. It was expected to be announced about 6 months ago but the news put off because of what they called 'developments'. It was not known what these 'developments' were. It could have been a possible takeover of an outsider of the branch network, or more likely the Irish government lobbied the HBOS main shareholder to put it off - Her Majesty's Government.

[petervalhala]

Its a real sign of the state of the country when a bank decides to leg it.

It's nothing to do with the state of Ireland, but with the state of Britain.

The UK Treasury issued explicit instructions to HBOS (BOSI's parent) to cease lending in Ireland and repatriate €20bn of its €35bn in Irish assets under the UK government asset protection scheme (GAPS).

See Halifax set to close after direct orders from UK treasury

[ectoraige]

Of course, George Lee is to blame anyway. It was only after he was elected that BoSI decided last July to remain in Ireland. Now that he's gone, all hope is lost. He's to blame for the drop in AIB and BoI shares too.

[Shambo]

Wow, this is one hell of a long corner we are turning Brian isn't it?

[Cassandra Syndrome]

Sad day again for Irish jobs. This is the effect of the downward spiraling debt deflationary depression. How can we have growth when all components are shrinking? Its a symptom of a very flawed system. And unless we address this correctly the point of critical mass will be reached and the system will implode. George Lee knows this and tried to talk sense to the lunatics inside the Dail but to no avail.

Options?