RBS to close down First Active: Sunday Times

[kerrynorth]

According to the Sunday Times RBS will announce next week that they are to close down First Active with many branches to close, administrative functions transferred to the UK and the brand shelved. I assume those branches remaining open will become part of Ulster Bank. They are 642 employees at First Active. RBS paid €887million for First Active in 2004.

[essexboy]

According to the Sunday Times RBS will announce next week that they are to close down First Active with many branches to close, administrative functions transferred to the UK and the brand shelved. I assume those branches remaining open will become part of Ulster Bank. They are 642 employees at First Active. RBS paid €887million for First Active in 2004.

Have you a link?

My voluntary group has just lodged a large share of its cash with First Active.
*****

[aidanodr]

RBS to purge directors in big shake-up - Times Online

This article sorts of eludes to things to come with this respect:

"The move comes as Hester puts the finishing touches to a radical restructuring. As many as 30,000 jobs, out of 170,000, could go in the next three to five years as he scales back the bank’s network. A total of 10,000 jobs have already been lost."

Aidan

[LeftOfCentre]

Anyone have a link to the specific story mentioned by op??

[constitutionus]

According to the Sunday Times RBS will announce next week that they are to close down First Active with many branches to close, administrative functions transferred to the UK and the brand shelved. I assume those branches remaining open will become part of Ulster Bank. They are 642 employees at First Active. RBS paid €887million for First Active in 2004.

while i feel sory for the employees, i am in the financial sector myself so i can relate, i for one wont miss em if they do go.

i had my SSIA with em and half way through it they decided they wanted to be the bank that didnt deal in cash. which for a bank is just plain stupid.

i understand the reasoning behind it, they save a fortune in cash deliveries and storage fees/insurance. but from a customer point of view its an inconvenience and if the level of anger i saw when it kicked in was anything to go by they lost alot of long term customers when they did it (didnt help when they switched all savings accounts to current ones, gouging their customers in the process. i know at least three people in the que ahead of me on that day closed their accounts. mostly elderly too and they rarely shift). certainly as soon as my SSIA was up i closed my accounts and stashed my money in a real bank.

that said they do give great rates on their products, but i just cant get passed the daft nature of their model.

i wonder how this will affect my mortgage though? i presume i'll be dealing with ulster bank from now on when this kicks in.

[aidanodr]

Anyone have a link to the specific story mentioned by op??

Not the Times link ( they dont put the Irish section online ) BUT:

The Press Association: Fears for finance jobs

AND

http://www.tv3.ie/article.php?articl...&pagename=home

Aidan

[aidanodr]

Irish Times now:

Merger of First Active and Ulster Bank will cost over 400 jobs - The Irish Times - Mon, Jan 26, 2009

Merger of First Active and Ulster Bank will cost over 400 jobs

" A formal announcement of this move is imminent, it is understood."

aidan

[constitutionus]

T'is all over the radio this morning and according to RTE first active are calling in their staff for a meeting on the issue.

sad news for the workers there. from what ive seen in my local branch most of the employees there are over thirty so we're talking families more likely with kids at school going age.

[adamirer]

Friends mum lost her job.. apparantly seeking 750 redundencies

[StillSetanta]

will this mean anything to people that have mortgages and accounts with them?